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- Alaska Air Group, Inc (NYSE:ALK) reported first-quarter FY23 operating revenue growth of 31% year-over-year to $2.196 billion, marginally beating the consensus of $2.19 billion.
- Passenger revenues improved by 31% Y/Y to $1.98 billion.
- Adjusted EPS was $(0.62) compared to $(1.33) in 1Q22, missing the consensus of $(0.48).
- Revenue passengers increased 13% Y/Y, traffic increased 19%, capacity increased 14% Y/Y, and load factor expanded 310 basis points to 79.9%.
- Operating expenses increased by 27% Y/Y to $2.38 billion.
- The company reported an operating loss of $(186) million, compared to $(202) million in 1Q22.
- ALK resumed the share repurchase program, purchasing 413,554 shares for ~$18 million in the quarter, and expects to repurchase at least $100 million in 2023.
- Alaska Air generated cash from operating activities of $222 million in the quarter versus $287 million in 1Q22.
- Alaska Air held $2.4 billion in unrestricted cash and marketable securities as of March 31, 2023. It ended the quarter with a debt-to-capitalization ratio of 48%.
- 2Q23 Outlook: Alaska Air expects 2Q23 capacity growth Y/Y of 6% to 9%; total revenue growth Y/Y of 2.5% to 5.5%; and CASMex +1% to +3%
- FY23 Outlook: ALK reiterated its adjusted pre-tax margins of 9% to 12% and EPS of $5.50 to $7.50 versus the consensus of $5.75.
- Price Action: ALK shares are trading lower by 1.49% at $43 premarket on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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