Alaska Air Group Inc. ALK, -2.90% reported its third-quarter results before market open on Thursday, boosted by what the carrier’s CEO described as the busiest travel season in two years. The company’s shares rose 1.66% before market open, after ending Wednesday’s session down 1.16%. Alaska Air reported third-quarter revenue of $2.828 billion, compared with $1.953 billion in the same period last year. Analysts surveyed by FactSet had projected sales of $2.819 billion. Alaska Air earned 31 cents a share on net income of $40 million, compared with earnings of $1.53 a share on net income of $194 million in the prior year’s quarter. Excluding items, the carrier earned $2.53 a share on net income of $325 million, compared with earnings of $1.47 a share and net income of $187 million in the year-ago-quarter. Analysts were looking for earnings of $2.39 a share and net income of $303 million, according to FactSet data. For the full year 2022, Alaska continues to expect capacity down 8% to 9% compared to 2019 levels. “I am incredibly proud of our entire team for the strong results they delivered in the third quarter, through the busiest travel season in two years,” said Alaska CEO Ben Minicucci, in a statement.
