Alaska Air Group (NYSE: ALK) Thursday reported a sharp fall in adjusted earnings for the fourth quarter of 2023 when the airline company’s revenues increased modestly.
Net income, adjusted for one-off items, declined 67% annually to $0.30 per share in the December quarter. On a reported basis, it was a net loss of $2 million or $0.02 per share in Q4, compared to a profit of $22 million or $0.17 per share in the same period of 2022.
Meanwhile, fourth-quarter revenues increased 3% year-over-year to $2.55 billion. The company generated $1.1 billion of operating cash flow in the whole of fiscal 2023.