Allegiant: Nearly 90 percent increase in operating income
Allegiant Travel Co., which provides commercial air service at the Youngstown-Warren Regional Airport in Vienna, reported an 88.7 percent increase in its operating income the first three months of the year compared to the same time period last year.
The Las Vegas-based company, in its earnings report released this week, showed its operating income at $108.1 million in the first quarter of 2015, which ended March 31.
Operating income was $57.3 million in the first quarter of 2014, the company reported.
Net income in the first quarter of this year was $64.9 million, a 89.9 percent increase from the $34.2 million in same period last year.
Maurice J. Gallagher Jr., chairman and CEO, announced Allegiant’s pilots will receive 5 to 7 percent pay increases effective May 1 because of the company’s success.
Earlier this year the pilots, represented by the International Brotherhood of Teamsters Local 1224, were on the verge of striking, but the company was able to obtain a court-ordered temporary restraining order to stop them.
The airline offers flights to Orlando, Tampa, Fort Myers and Myrtle Beach, N.C., from Youngstown.
Earnings were $3.74 per diluted share for the first quarter compared to $1.86 in the same quarter 2014, reflecting a 101 percent increase.
New markets accounted for 72.9 percent of the growth in the quarter. The airline had an 8.7 percent increase in its number of passengers from 2 million in the first quarter of 2014 to 2.2 million in the first quarter of 2015.
Capital expenditures were up from $11.1 million in the first quarter of 2014 to $64.1 million in the first quarter of 2015.