Alaska Air Group (ALK) reported a 5% increase in total operating revenue to $1.8 billion in the first quarter of 2018, compared to the year-over period. Net income on a GAAP basis came in at $4 million or $0.03 per share, versus $93 million or $0.75 per share in the prior-year period. The earnings were hurt by higher operating expenses, which increased 14% during the quarter.
Excluding special items, net income for the first quarter was $18 million or $0.14 per share.
The company said it paid a $0.32 per share quarterly cash dividend in Q1 2018, an increase of 7% over the Q1 2017 dividend. Share repurchases totaled approximately $12 million during the quarter.
Operating cash flow amounted to about $310 million, while capital expenditures were around $235 million in Q1 2018.
The airlines reported a 5.9% increase in traffic and a 7.5% increase in capacity during the quarter. Revenue per available seat mile (RASM) declined 2.1% during Q1 2018. The company expects RASM to decline a further 2.75% to 3.75% for Q2 2018.
Economic fuel cost per gallon increased 20.2% from the prior-year quarter to $2.14 in Q1 2018. The company expects this amount to reach $2.25 in the second quarter of 2018.
For 2018, Alaska Air Group estimates capital expenditures of $1 billion. For 2019 and 2020, capital expenditures are expected to come to around $750 million.
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