Alaska Air Group (NYSE: ALK) reported higher revenues and adjusted profit for the third quarter of 2022, amid continued recovery in traffic.
The company reported adjusted profit of $2.53 per share for the September quarter, compared to $1.47 per share in the prior-year quarter. On an unadjusted basis, meanwhile, third-quarter net income declined to $40 million or $0.31 per share from $194 million or $1.53 per share in the same period of 2021.
The bottom line benefitted from a 45% surge in operating revenues to $2.83 billion. For the full-year 2022, the company expects capacity to drop 8%-9% as it transitions to single-fleet and operational reliability.
Check this space to read management/analysts’ comments on Alaska Air’s Q3 2022 results
“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,” said Alaska Air’s CEO Ben Minicucci.