Alaska Air Group has reported a first quarter net loss of $142 million or ($1.11) per diluted share on a year-over-year increase in revenue of 31 percent to $2.2 billion. At March 31, 2023, the Group held $2.4 billion in unrestricted cash and marketable securities.
On Thursday (April 20, 2023), Alaska Air Group reported their first quarter financial results for the period ending March 31, 2023. The Group has reported a first quarter net loss of $142 million or ($1.11) per diluted share on a year-over-year increase in revenue of 31 percent to $2.2 billion. Alaska’s first quarter revenue per available seat mile (RASM) increased 15 percent compared to Q1 2022 to 13.98 cents, while cost per available seat mile (CASM) increased to 15.17 cents, compared to 13.66 cents in Q1 2022. Costs excluding fuel (CASM-ex) decreased year-over-year by 1.0 percent to 10.53 cents. At March 31, 2023, Alaska Air Group held $2.4 billion in unrestricted cash and marketable securities.
In Thursday’s announcement, Alaska Air Group’s CEO, Ben Minicucci, said,
“This quarter we returned to pre-pandemic levels of flying and our roadmap to profitable growth is on track. As we progress through the year, we have taken deliberate steps to build momentum and we are well prepared for peak summer flying. Thank you to our 23,000 employees who are the backbone of our success – I’m proud of their work to deliver operational excellence and show care for the people who fly with us each day. We are well-positioned to deliver on our full-year financial targets, including a 9% to 12% adjusted pretax margin.”
During the first quarter, Alaska Airlines took delivery of six new Boeing 737-9 MAX airplanes, bringing the carrier’s fleet count of the type to 43.
Alaska Airlines and their regional partners serve over 120 destinations in the United States, Mexico, Canada, Costa Rica and Belize. The sustainability-focused carrier emphasizes Next-Level Care for guests, while offering low fares and award-winning service. Alaska has hubs in Seattle, San Francisco, Los Angeles, Portland and Anchorage. The carrier is a member of the oneworld global alliance, and along with their additional partners, Alaska Airlines’ guests can earn and redeem miles on flights to more than 1,000 global destinations on over 20 airlines. Alaska Airlines and Horizon Air are subsidiaries of the Alaska Air Group, Inc. (NYSE: ALK).
In trading Thursday morning (April 20, 2023), shares in Alaska Air Group, Inc. (NYSE: ALK) were up 0.41 percent to $43.83/share (11:12 AM EDT).
Source: Alaska Airlines