Alaska Air Expects FY23 Revenue To Rise 8% To 10%

(RTTNews) - Alaska Air Group (ALK) said the company expects fiscal 2023 total revenue growth in a range of 8% to 10%. Capacity measured in ASMs are projected to rise 11% to 13%. The company expects earnings per share in a range of $5.50 to $7.50. Analysts polled by Thomson Reuters expect the company to report profit per share of $6.60. Analysts' estimates typically exclude special items.

For the third-quarter, total revenue are projected to increase from 0% to 3%. Capacity measured in ASMs are expected to increase 10% to 13%.

Reported net income for the second quarter was $240 million, or $1.86 per share, compared to a net income of $139 million, or $1.09 per share, prior year. Reported net income, excluding special items and mark-to-market fuel hedge accounting adjustments, was $387 million, or $3.00 per share, compared to $280 million, or $2.19 per share, a year ago. Analysts on average had expected the company to earn $2.70 per share, according to figures compiled by Thomson Reuters.

The company recorded $2.8 billion in operating revenue for the second quarter, the highest quarterly total in company history.

Alaska Air Group ended the quarter with a debt-to-capitalization ratio of 48%, within the target range of 40% to 50%. The company held $2.4 billion in unrestricted cash and marketable securities as of June 30, 2023.

Shares of Alaska Air are down 3% in pre-market trade on Tuesday. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.