Alaska Air Group (NYSE: ALK) reported a narrower net loss for the first quarter of 2022 as the airline company’s revenues more than doubled amid strong traffic growth. The top line also exceeded analysts’ estimates.
The company reported a net loss of $1.33 per share for the March quarter, on an adjusted basis, compared to a loss of $3.51 per share in the prior-year quarter. Analysts were looking for a wider loss. On an unadjusted basis, it was a net loss of $143 million or $1.14 per share in the most recent quarter, compared to a loss of $131 million or $1.05 per share in the corresponding period of 2021.
Total operating revenues more than doubled to $1.68 billion and came in above the market’s projection. The management revealed plans to accelerate the transition of the company’s mainline fleet to all-Boeing and transition Horizon’s regional fleet to all-Embraer jets by the end of 2023.
Check this space to read management/analysts’ comments on Alaska Air’s Q1 2022 earnings
“Our people are working hard to get our airline back to its pre-COVID size and to return to growth from there, all while delivering the operational excellence that we’re known for. It’s an honor to have our company’s hard work recognized by Air Transport World as the 2022 Global Airline of the Year,” said Alaska Air’s CEO Ben Minicucci.