Alaska Air Projects Q3 Passenger Load Factor Of 85% To 88%

Alaska Air Group (ALK) said it flew a record load factor for the second quarter of 88%, driven by high demand on reduced capacity. The company reported adjusted pretax margin for the second quarter of 14%.

For full year 2022, the company expects capacity to be down 8% to 9% versus 2019, and expects CASMex to be up 15% to 17% versus 2019. The company continues to expect full year adjusted pre-tax margin to be between 6% and 9%.

For the third quarter, the company expects: total revenue to increase 16% to 19% from 2019; passenger load factor of 85% to 88%; and a decline in capacity measured in ASMs of 5% to 8% from 2019.

Reported net income for the second quarter of 2022, excluding special items and mark-to-market fuel hedge accounting adjustments, was $280 million, or $2.19 per share, compared to a net loss, excluding special items and mark-to-market fuel hedge accounting adjustments, of $38 million, or $0.30 per share, a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.97, for the quarter. Analysts’ estimates typically exclude special items.

Reported net income for the second quarter was $139 million, or $1.09 per share, compared to a net income of $397 million, or $3.13 per share, prior year.

The company recorded $2.7 billion in operating revenues for the second quarter, the highest revenue-generating quarter in company history, and an increase of 74% from previous year. Analysts on average had estimated $2.59 billion in revenue.

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