Alaska Air Group has reported a second Quarter Net profit of $220 million or $1.71 per diluted share on a year-over-year increase in revenue of 2.0 percent to $2.9 billion. At June 30, 2024, the carrier had unrestricted cash and marketable securities totaling $2.5 billion.
On Wednesday (July 17, 2024), Alaska Air Group reported their second quarter financial results for the period ending June 30, 2024. The Group reported a second quarter net profit of $220 million or $1.71 per diluted share on a year-over-year increase in revenue of 2.0 percent to $2.9 billion. Alaska’s second quarter revenue per available seat mile (RASM) declined 4.0 percent versus the same period last year to 15.92 cents, while cost per available seat mile excluding fuel (CASM-ex) decreased 2.0 percent compared to Q2 2023 to 9.89 cents. At June 30, 2024, Alaska Air Group had $2.5 billion in unrestricted cash and marketable securities.
In Wednesday’s announcement, Alaska Air Group’s CEO, Ben Minicucci, said,
“It’s clear that premium airlines are rising above the rest of the industry, and Alaska’s product and performance put us in that top tier, with a strong long-term outlook to grow and compete. That’s how we brought in record quarterly revenue and achieved a 15.8% adjusted pretax margin that should lead the industry. Thank you to our 23,000 employees for being safe, operating well, and taking care of our guests through our biggest summer travel season ever.”
Alaska Airlines Second Quarter 2024 Financial Results - Courtesy Alaska Airlines
During Q2 2024, Alaska Airlines received six Boeing 737-9 and three 737-8 MAX aircraft, expanding the carrier’s fleet to 70 737-9s and four 737-8s. The Group’s regional subsidiary, Horizon Air, also received one Embraer E175, expanding their fleet to 44 of the type. Additionally, a second Boeing 737-800 Freighter was added to the Alaska Air Cargo fleet, allowing the airline to expand their dedicated freighter network with twice weekly service to Los Angeles. Alaska also purchased a 600,000 square-foot facility in Renton, Washington, which will serve as the new home to the carrier’s training programs and operational teams from 2025.
Alaska Airlines also announced 20 new nonstop routes for the winter 2024/25 season, including new service to Vail, Colorado, as well as to La Paz and Monterrey in Mexico. Additionally, the carrier announced seasonal daily service from Portland, Oregon to New Orleans, starting January 2025, the carrier’s 55th nonstop destination from Portland.
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).
In trading Thursday afternoon (July 18, 2024), shares in Alaska Air Group, Inc. (NYSE: ALK) were down 6.57% to $37.43/share (12:03 PM EDT).
Source: Alaska Airlines
Comments