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Alaska Airlines Reports Third Quarter Adjusted Net Loss of $287 Million on Revenue of $1.95 Billion

Alaska Airlines has reported a third quarter non-GAAP adjusted net loss of $287 million or ($2.27) per diluted share. When $914 million in PSP3 wage offsets and other special items are included, the carrier reported a net income of $194 million or $1.53 per share.

Alaska Airlines Reports Third Quarter 2021 Financial Results - Courtesy Alaska Airlines

On Thursday (October 21, 2021) Alaska Air Group reported their third quarter 2021 financial results for the period ending September 30, 2021. The carrier reported a third quarter non-GAAP adjusted net loss of $287 million or ($2.27) per diluted share on revenue of $1.95 billion. When $914 million in payroll support benefits under the U.S. Cares Act third payroll support program extension (PSP3) and other special items are included, the company reported a third quarter GAAP net income of $194 million or $1.53 per diluted share. At September 30, 2021, Alaska Airlines had $3.2 billion in unrestricted cash and marketable securities.

In today’s announcement, Alaska Airlines’ CEO, Ben Minicucci, said,

“We are thrilled to return to profitability this quarter, leading the industry with a 12% pretax profit margin. Thanks to each one of our employees for running our operation and showing remarkable care for our guests, and credit to the leadership team for laying out a measured plan and executing it with discipline We're all feeling the momentum and look forward to building on our strong foundation for growth in 2022 and beyond.”

During the third quarter, Alaska Airlines exercised options for 12 Boeing 737-9 MAX aircraft for delivery in 2023 and 2024, and added options for 25 more, bringing their total firm 737-9 commitments to 93 with 52 options. The carrier also opened a new 9,200 square foot lounge at San Francisco International Airport (SFO) featuring Bay-Area inspired amenities. Alaska also announced new service between SFO and Loreto and Ixtapa/Zihuatanejo, which will start on December 18, 2021. Since the onset of the pandemic, the airline has announced or commenced operations in 70 new markets.

Alaska Airlines’ third quarter revenue per available seat mile (RASM) increased year-over year by 52.1%, while cost per available seat mile excluding fuel (CASM-ex) declined 34.2% compared to Q3 2020. The company’s third quarter load factor was 77.8%, a 23.8 point improvement versus Q3 2020. Alaska’s pre-tax margin for the third quarter was 12%, and the company ended the quarter with a debt-to-capitalization ratio of 51%, down ten points from December 31, 2020. Alaska also prepaid $425 million in debt from a 364-day term loan facility, bringing total debt payments for the year to $1.2 billion.

Alaska Airlines and their regional partners serve over 120 destinations in the United States, Mexico, Canada, Costa Rica and Belize (from November 2021). 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 (October 21, 2021), shares in Alaska Air Group, Inc. (NYSE: ALK) were down 0.23% at $57.11/share (10:36 AM EDT)

Source: Alaska Airlines


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