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Alaska Air | 8-K: Alaska Air Group reports third quarter 2024 results

SEC ·  Oct 31 08:56

Summary by Moomoo AI

On October 31, 2024, Alaska Air Group, Inc. reported its financial results for the third quarter of 2024, which included the impact of its recent acquisition of Hawaiian Airlines. The company, headquartered in Seattle, Washington, and incorporated in Delaware, saw a strong performance with a GAAP pretax margin of 10.7% and earnings per share (EPS) of $1.84. Adjusted for certain items, the pretax margin reached 13.0%, leading the industry. The acquisition of Hawaiian Airlines was completed on September 18, 2024, and the financial results include approximately 13 days of Hawaiian Airlines' operations. Alaska Air Group's CEO, Ben Minicucci, highlighted the strategic benefits of the merger, emphasizing the creation of a resilient airline ready to compete in a rapidly changing industry. The third quarter results showed an increase in...Show More
On October 31, 2024, Alaska Air Group, Inc. reported its financial results for the third quarter of 2024, which included the impact of its recent acquisition of Hawaiian Airlines. The company, headquartered in Seattle, Washington, and incorporated in Delaware, saw a strong performance with a GAAP pretax margin of 10.7% and earnings per share (EPS) of $1.84. Adjusted for certain items, the pretax margin reached 13.0%, leading the industry. The acquisition of Hawaiian Airlines was completed on September 18, 2024, and the financial results include approximately 13 days of Hawaiian Airlines' operations. Alaska Air Group's CEO, Ben Minicucci, highlighted the strategic benefits of the merger, emphasizing the creation of a resilient airline ready to compete in a rapidly changing industry. The third quarter results showed an increase in available seat miles (ASMs) by 6.8% compared to the previous year, with a notable contribution from Hawaiian Airlines. Revenue per available seat mile (RASM) increased by 1.3%, and economic fuel cost per gallon decreased to $2.61. The adjusted net income for the quarter was $289 million, or $2.25 per share, surpassing the initial guidance. Alaska Air Group also announced plans to host an Investor Day on December 10 to share more details about the combined company's vision, including synergy estimates and strategies for margin expansion and free cash flow generation. The company's operational performance remained strong, with a 99.2% completion rate for its largest ever summer schedule, despite growth being impacted by aircraft delivery delays due to a Boeing strike. Looking ahead, Alaska Air Group expects to finish the year with one of the top three pretax margins in the industry, inclusive of Hawaiian Airlines' results from the acquisition date.

This announcement is a separate document:

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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