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Alaska Airlines Reports Fourth Quarter Net Loss of $430 Million, Full Year Net Loss of $1.3 Billion

The airline announced a fourth quarter net loss of $430 million or ($3.47) per diluted share on a 64 percent revenue decline to $808 million. For the full year 2020, Alaska Airlines reported a net loss of $1.3 billion or ($10.59)/share on a revenue decline of 59 Percent to $3.6 billion.

Alaska Airlines Reports Fourth Quarter and Full Year 2020 Financial Results - Courtesy Alaska Airlines

On Tuesday (January 26, 2020), the Alaska Air Group reported their fourth quarter and full year 2020 financial results. For the fourth quarter, the airline reported a net loss of $430 million or ($3.47) per diluted share on a 64 percent year-over-year revenue decline to $808 million. For they full year 2020, the Group reported a net loss of $1.3 billion or ($10.59) per diluted share on a revenue decline of 59 percent versus 2019 to $3.6 billion. For comparison, during the fourth quarter of 2019, Alaska reported a net income of $181 million or $1.46/share and an FY19 net income of $769 million or $6.19/share. In Tuesday’s announcement, Alaska Air Group’s CEO, Brad Tilden, said,

“We are not out of the woods, but we are seeing signs of brighter days ahead. The people of Alaska and Horizon have really shown their grit over the past year, and the rest of the leadership team and I could not be more proud of them. We’re positioned to come out of this crisis with our balance sheet unimpaired and our competitive advantages intact, and both of these set us up for a strong future and a long runway for growth.”

The Group reported an adjusted fourth quarter net loss (excluding PSP wage offsets, special items and mark-to-market fuel hedging adjustments) of $316 million or ($2.55) per diluted share and a FY20 adjusted net loss of $1.30 billion or ($10.17) per diluted share. For comparison, in 2019 the company reported a fourth quarter adjusted net income of $181 million or $1.46/share and a full year adjusted net income of $798 million or $6.42 per diluted share.

The company ended 2020 with an adjusted net debt of $1.7 billion, flat from 2019 despite a year-over-year revenue decline of 59 percent, and a debt-to-capitalization rate (including short-term borrowings) of 61 percent. As of December 31, 2020, Alaska Air Group held $3.3 billion in unrestricted cash and marketable securities. During 2020, the airline accessed approximately $5 billion in new liquidity, including $1.2 billion raised in capital markets and $600 million in bank financing.

Alaska Airlines has announced plans to expand their mainline fleet and restructure their existing purchase agreement with Boeing. The carrier will now take delivery of 68 Boeing 737-9 MAX aircraft between 2021 and 2024. The company received their first MAX on January 24, 2021, with a planned service entry dater of March 1, 2021. During Q4, the company permanently removed an additional 20 Airbus A320s from their fleet, resulting in a total of 40 airbus aircraft removed in 2020. At the end of the year, 31 Airbus aircraft remained in Alaska’s operating fleet.

Alaska Airlines and their regional partners serve over 115 destinations in the United States and North America, providing essential service for their guests and critical cargo shipments, while emphasizing Next-Level Care. The carrier has hubs in Seattle, San Francisco, Los Angeles, Portland and Anchorage and is known for low fares, excellent service and sustainability efforts. Along with their Global Partners, Alaska Airlines’ guests can earn and redeem miles on flights to more than 800 global destinations. On March 31, 2021, Alaska Airlines will become a member of the oneworld global alliance. Alaska Airlines and Horizon Air are subsidiaries of the Alaska Air Group, Inc. (NYSE: ALK). I n trading Tuesday morning, shares in ALK were down 0.53% at $52.52/share (10:01 AM EST).

Source: Alaska Airlines


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