Allegiant Travel Company (NASDAQ: ALGT) reported its financial results for the quarter ended March 31, 2020, on Tuesday after the market closes. The company suspended all stock buybacks and dividends while executives reduced salaries by 50% and board members are foregoing cash compensation.
The company slipped to a loss in the first quarter of 2020 from a profit last year due to the demand weakness, which was seen at the end of February followed by a steep downward demand trajectory by mid-March. The company reduced April capacity by 87.4% and is evaluating May and June. The company expects significant capacity reductions based on diminished leisure demand trends.
As previously reported, Allegiant will receive $172 million in payroll support under the CARES Act. Also, the company will receive nearly $100 million in federal income tax refunds during Q2 of 2020 related to the favorable net operating loss (NOL) carryback rules as outlined by the CARES Act. The company anticipates another projected $100 million or more early next year related to 2020 expected losses and capital expenditures.
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