Alaska Airlines has reported a second quarter 2023 net profit of $240 million or $1.86 per diluted share on a year-over-year increase in revenue of 7.8 percent to $2.8 billion, a quarterly record.
On Tuesday (July 25, 2023), Alaska Air Group reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a net income of $240 million or $1.86 per diluted share on a year-over-year increase in revenue of 7.0 percent to $2.8 billion. Alaska’s second quarter revenue per available seat mile (RASM) decreased versus Q2 2022 by 3.0 percent to 16.54 cents, while cost per available seat mile excluding fuel and special items (CASM-ex) increased 2.0 percent to 10.15 cents. At June 30, 2023, the company had unrestricted cash and marketable securities totaling $2.4 billion.
In Tuesday’s announcement, Alaska Air Group’s CEO, Ben Minicucci, said,
“People are hungry to travel and our frontline employees are delivering the safe, reliable and caring experience that people expect when they fly with us. I’m so proud of our team for knocking it out of the park and delivering industry-leading operational and financial outcomes. We chose to prioritize reliability, which is imperative to restoring stability, improving predictability for our guests and employees, capturing record revenue, and serving as the foundation for our long-term profitable growth.”
Alaska Air Group's Second Quarter 2023 Financial Results - Courtesy Alaska Airlines
During the second quarter, Alaska Air Group took delivery of eight Boeing 737-9 MAX airplanes and six Embraer E175s, bringing the total of the types in the Alaska and Horizon fleets to 51 and 39, respectively. The carrier also announced new routes to Nassau, Bahamas from Seattle and Los Angeles, as well as between Los Angeles and Guatemala City, Guatemala. Additionally, the carrier launched a new partnership with STARLUX airlines, whose flights between Los Angeles and Taipei will now provide seamless connectivity for Mileage Plan members to 16 destinations across Asia.
Alaska Airlines and their regional partners serve over 120 destinations in the United States, Mexico, Canada, Costa Rica and Belize. The sustainability-focused carrier emphasizes Next-Level Care for guests, while offering low fares and award-winning service. Alaska has hubs in Seattle, San Francisco, Los Angeles, Portland and Anchorage. The carrier is a member of the oneworld global alliance, and along with their additional partners, Alaska Airlines’ guests can earn and redeem miles on flights to more than 1,000 global destinations on over 20 airlines. Alaska Airlines and Horizon Air are subsidiaries of the Alaska Air Group, Inc. (NYSE: ALK).
Source: Alaska Airlines