Allegiant Travel average daily bookings for August remains stable at $2 million

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Allegiant Travel Co. said Wednesday that average daily bookings for August were roughly $2 million, the same as the travel company reported in July and the $2.5 million per day recorded over the second quarter. Total system passengers for the month fell 49.4% from last year to 636,458, while capacity declined 4.1% to 1.25 billion. Departures fell 6.7% to 8,669. The company expects average daily cash burn for the third quarter to be $1 million. “We have been pleased to see modest week over week improvements in daily bookings throughout the month of August and into September,” said Chief Financial Officer Gregory Anderson. “If current booking trends remain stable, we continue to expect average daily cash burn to be lower than $1 million in the fourth quarter.” The stock, which was indicated down slightly in premarket trading, has shed 22.7% year to date through Tuesday, while the U.S. Global Jets ETF has dropped 42.0% and the S&P 500 has gained 3.1%.
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