Alaska Air Group (NYSE: ALK) reported an increase in revenues and adjusted profit for the fourth quarter of 2022, as passenger traffic continues to pick up momentum.
The company reported adjusted profit of $0.92 per share for the December quarter, which is more than double the profit generated in the prior-year quarter. On an unadjusted basis, net income increased to $22 million or $0.17 per share.
Earnings benefitted from a 31% jump in operating revenues to $2.48 billion. During the quarter, the company repaid $52 million in debt, bringing total debt payments to $385 million for 2022.
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“Despite many challenges during the year, we ran one of the best operations, signed five new labor deals, and executed the majority of our single fleet transition. The results we posted today signal how well our teams are navigating this recovery. I want to thank our employees for their commitment to our success, and for the work they do every day to take great care of our guests.,” said Alaska Air’s CEO Ben Minicucci.