Alaska Air reported a second quarter 2024 consolidated pretax income of $316 million, a slight decrease from $325 million in the same period of 2023. The company achieved a record quarterly revenue of $2.9 billion, attributed to growth in premium cabins and loyalty program strength. Total operating expenses rose by $74 million year over year, with fuel costs increasing due to higher per gallon costs and increased flying. Non-fuel operating costs saw a near 2% improvement. Adjusted net income per share for the quarter was $2.55, down from $3.00 in 2023. For the first six months of 2024, Alaska Air's operating revenue increased by 2% to $5.129 billion, with passenger revenue up by the same percentage. Operating expenses for the six-month period rose by 2% to $4.973 billion, with a 5% decrease in...Show More

Alaska Air reported a second quarter 2024 consolidated pretax income of $316 million, a slight decrease from $325 million in the same period of 2023. The company achieved a record quarterly revenue of $2.9 billion, attributed to growth in premium cabins and loyalty program strength. Total operating expenses rose by $74 million year over year, with fuel costs increasing due to higher per gallon costs and increased flying. Non-fuel operating costs saw a near 2% improvement. Adjusted net income per share for the quarter was $2.55, down from $3.00 in 2023. For the first six months of 2024, Alaska Air's operating revenue increased by 2% to $5.129 billion, with passenger revenue up by the same percentage. Operating expenses for the six-month period rose by 2% to $4.973 billion, with a 5% decrease in fuel expense. The company's adjusted net income per share for the half-year was $1.65, compared to $2.39 in 2023. Alaska Air reached a tentative agreement with flight attendants for a new collective bargaining agreement, with voting set for mid-August 2024. The company lowered its full-year adjusted EPS guidance by $0.25 to reflect the new agreement and a moderating domestic revenue environment. Capital expenditures are projected between $1.2 billion and $1.3 billion for the full year. Alaska Air's liquidity remains strong with $2.5 billion in cash and marketable securities and $872 million in cash flows from operations in the first half of 2024.