The Alaska Air Group has published its Q1 2024 financial results, reporting a net loss of $132 million (compared to a $142 million loss for the first quarter of 2023). Its first quarter operation and results were ‘significantly impacted’ by January’s mid-air panel blowout of Flight 1282, adds the airline, confirming that it has received $162 million ‘in initial cash compensation from Boeing to address the financial damages incurred during the first quarter’.
Total operating revenue for Q1 2024 was slightly up at $2.2bn (a rise of 2%) from the same period a year prior), with cargo and other revenue accounting for the biggest change (up 10% to $64 million). Total operating expenses were also almost unchanged at almost £2.4bn (a rise in just 1%).
In the first quarter, the airline generated $292 million in operating cash flow, holding $2.3bn in unrestricted cash and marketable securities as of March 31 2024. It ended the quarter with a debt-to-capitalization ratio of 47%. Its total assets stand at $14.813bn (up slightly from $14.613bn in Q1 2023).
Revenue passenger miles stayed virtually unchanged during the quarter at 12.5 million, with a 2% rise in available seat miles. Load factor also rose 1.5 percentage points to 81.4%, with an operating fleet of 315 aircraft. “Despite significant challenges to start the year our results have far exceeded initial expectations,” commented Alaska CEO Ben Minicucci. “Thanks to thoughtful capacity planning, network optimization, and diligent cost control, we are well positioned to carry our strong performance into the second quarter and beyond”.
Alaska reports first quarter net loss in wake of Flight 1282
