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Mar 31, 2022
Alaska Air Q1 2022 Earnings Report
Alaska Air Group reported financial results for the first quarter ending March 31, 2022.
Key Takeaways
Alaska Air Group reported a net loss of $143 million for the first quarter of 2022, or $1.14 per share. Excluding special items and mark-to-market fuel hedge accounting adjustments, the net loss was $167 million, or $1.33 per share. The company generated $287 million in operating cash flow and held $2.9 billion in unrestricted cash and marketable securities.
Reported net loss for the first quarter of 2022 under Generally Accepted Accounting Principles (GAAP) of $143 million, or $1.14 per share
Reported net loss for the first quarter of 2022, excluding special items and mark-to-market fuel hedge accounting adjustments, of $167 million, or $1.33 per share
Generated $287 million in operating cash flow for the first quarter, driven by increased advance bookings as both leisure and business demand for air travel continue to recover.
Held $2.9 billion in unrestricted cash and marketable securities as of March 31, 2022.
Revenue by Segment
Forward Guidance
Alaska Air Group provided outlook for the second quarter ending June 30, 2022. Total revenue is expected to be up 5% to 8% versus 2019. Economic fuel cost per gallon is expected to be $3.25 to $3.30.
Positive Outlook
- Capacity (ASMs) % change versus 2019: Down 6% to 9%
- Revenue passengers % change versus 2019: Down 10% to 12%
- Passenger load factor: 85% to 88%
- Total revenue % change versus 2019: Up 5% to 8%
- Adjusted tax rate: ~24% to 25%
Challenges Ahead
- Cost per ASM excluding fuel and special items (CASMex) % change versus 2019: Up 16% to 19%
- Economic fuel cost per gallon: $3.25 to $3.30
- Non-operating expense: $7 million to $9 million
- We recently reduced Q2 scheduled capacity in response to shortfalls in throughput from our pilot training department versus what was originally planned.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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