Alaska Air Group (NYSE: ALK) announced its first-quarter financial results on Thursday. The airline reported a wider net loss that beat analysts’ forecast.
Net loss, excluding special items, widened to $3.51 per share in the March quarter from $0.83 per share in the year-ago period. On a reported basis, the company reported a loss of $131 million or $1.05 per share, compared to a loss of $232 million or $1.89 per share in the first quarter of 2020. Analysts were looking for a slightly wider loss.
The bottom-line performance was negatively impacted by a 51% decrease in revenues to $797 million. The top-line, however, exceeded the market’s projection.
Alaska Air Group’s shares made strong gains early Thursday soon after the announcement, after closing the previous session higher.
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