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Joe Breitfeller

Alaska Air Group Reports Third Quarter 2024 Net Profit of $236 Million or $1.84 per Diluted Share

Alaska Air Group has reported a third quarter 2024 net profit of $236 million or $1.84 per diluted share on a year-over-year increase in revenue of 8.0 percent to $3.1 billion.  This is the Group’s first combined financial report since acquiring Hawaiian Airlines.


Alaska Air Group Reports Third Quarter 2024 Financial Results - Courtesy Alaska Airlines

On Thursday (October 31, 2024), Alaska Air Group reported their third quarter financial results for the period ending September 30, 2024.  The carrier reported a third quarter net profit of $236 million or $1.84 per diluted share on an 8.0 percent year-over-year increase in revenue to $3.1 billion.  Alaska’s third quarter revenue per available seat mile (RASM) increased 1.3 percent compared to Q3 2023 to 15.48 cents, while cost per available seat mile, excluding fuel (CASM-ex) increased 6.9 percent to 10.16 cents.  Alaska Airlines ended the third quarter with approximately $3.5 billion in liquidity, including around $850 million in undrawn revolving credit facilities.


In Thursday’s announcement, Alaska Air Group’s President and CEO, Ben Minicucci, said,


“There has been no better time to be part of Alaska Air Group.  By bringing together Alaska and Hawaiian’s remarkable service, expansive networks, distinct cultures, and shared values, we are creating a resilient airline that can meet the challenge of competing in a rapidly shifting industry.  We have the resources and flexibility to navigate challenges, embrace new opportunities, and write the next chapter for our company.  Our industry leading margins and strong operational performance are proof points that we are making the right investments to differentiate ourselves from our domestic-focused peers.  Today’s results reinforce we are on the right path for the future.”


Alaska Airlines' Third Quarter 2024 Financial Results - Courtesy Alaska Airlines

During the third quarter, Alaska Airlines took delivery of two Boeing 787-9 and one 787-8 MAX aircraft, expanding their fleet totals of the types to 72 737-9s and five 737-8s.  Hawaiian Airlines also received their fourth Airbus A330-300 Freighter from Amazon, and completed Starlink installation on 24 A330 aircraft.  Alaska also announced investment in JetZero during the period, a company developing a blended-wing body aircraft design to reduce fuel burn and emissions by 50 percent.


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, Hawaiian Airlines and Horizon Air are subsidiaries of the Alaska Air Group, Inc. (NYSE: ALK).


In trading Thursday Afternoon (October 31, 2024), shares in Alaska Air Group, Inc. (NYSE: ALK) were up 4.76% to $49.52/share (1:09 PM EDT).

 

 

Source: Alaska Airlines 



 

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