Alaska Air reported a loss of $142 million for the first quarter of 2023 (Q1 2023), almost replicating Q1 2022.
The latest quarterly loss came to $1.11 per share, an improvement on the $1.14 for Q1 2022, when the reported loss was $143 million
"Reported net loss for the first quarter of 2023, excluding special items and mark-to-market fuel hedge accounting adjustments" was $79 million, or $0.62 per share, the carrier said, compared to $167 million, or $1.33 per share, in Q1 2022.
"This quarter we returned to pre-pandemic levels of flying and our roadmap to profitable growth is on track," said chief executive Ben Minicucci.
During Q1 2023, the airlines said it resumed a share repurchase programme, buying 413,554 shares of common stock for approximately $18 million, adding that it "continues to expect" hare repurchases of "at least $100 million" in 2023, when it also expects a "continuation of improving operational and financial performance trends".
"For the full year, we continue to expect achievement of our previous guidance, including adjusted pre-tax margins of 9% to 12%, and earnings per share of $5.50 to $7.50. This guidance assumes a full year tax rate of approximately 25%," Alaska announced, adding that it expects Q2 2023 revenue to increase by up to 5.5% year-on-year after Q1 hit almost $2.2bn, up from the $1.7bn in Q1 2022.
"We are well-positioned to deliver on our full-year financial targets, including a 9% to 12% adjusted pretax margin." Minicucci said.
By the end of the quarter, the carrier held $2.4bn in unrestricted cash and marketable securities, reporting a debt-to-capitalisation ratio of 48%, which it put it "within the target range of 40% to 50%".
Among the previously-announced Q1 2023 operational highlights listed by Alaska were the ratification of a contract extension with McGee Air Services employees, the arrival of six 737-9 aircraft, the announcement of the upcoming provision of "streaming-fast satellite"onboard internet, the addition of three new routes out of San Diego and the launching of a deal with Shell for providing sustainable aviation fuel (SAF) infrastructure on the west coast of the US.