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Alaska Air Group reports Third Quarter Net Income of $40 Million or $0.31 per Share

Alaska Air Group has reported a third quarter net income of $40 million or $0.31 per share on a 45 percent year-over-year increase in revenue to $2.8 billion. At September 30, 2022 the Group had $3.2 billion in unrestricted cash and marketable securities.

Alaska Airlines Boeing 737-9 MAX - Courtesy Boeing

On Thursday (October 20, 2022), Alaska Air Group reported their third quarter financial results for the period ending September 30, 2022. The Group reported third quarter net revenue of $40.0 million on a year-over-year increase in revenue to $2.8 billion, the highest revenue quarter in company history. This compares to a Q3 2021 net income of $194 million or $1.53 per share. Alaska’s reported third quarter revenue excludes special items and mark-to-market fuel hedge accounting adjustments of $325 million or $2.53 per share. The airline’s third quarter pre-tax margin came in at 15.6 percent. At September 30, 2022, Alaska Air Group had $3.2 billion in unrestricted cash and marketable securities.

In Thursday’s announcement, Alaska Air Group’s CEO, Ben Minicucci, said,

“I am incredibly proud of our entire team for the strong results they delivered in the third quarter, through the busiest travel season in two years. We ran an industry-leading operation with completion rates over 99% every month. We set a new revenue record and our double-digit pretax margin will likely lead the industry. Alaska and Horizon also ratified three major labor deals. This is a strong foundation that we look forward to building on in 2023.”

Alaska Air Group's Third Quarter 2022 Financial Results - Courtesy Alaska Airlines

Alaska Airlines’ third quarter revenue per available seat mile (RASM) increased year-over-year by 27.8 percent to 17.30 cents, while cost per available seat mile excluding fuel (CASM-ex) increased by 9.1 percent compared to Q3 2021 to 10.05 cents.

During the third quarter, Alaska Airlines received five Boeing 737-9 MAX airplanes, expanding their mainline fleet of the type to 33. The carrier also retired six Airbus A320s and nine Bombardier Q400 turboprop aircraft (now De Havilland Canada Dash 8-400). By the end of January 2023, Alaska also expects to retire their remaining 23 Airbus A320s, along with 22 additional Q400s. Additionally, during Q3 2022, the airline began a retrofit project for their Boeing 737-800NG fleet to refresh the interiors and add three main cabin seats. Alaska also announced the launch of new direct service between Everett’s Paine Field and Anchorage, Alaska from November 2022.

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 afternoon (October 20, 2022), shares in Alaska Air Group (NYSE: ALK) were 3.58% lower at $40.35/share (1:15 PM EDT).

Source: Alaska Airlines

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