Alaska Air Group Inc (ALK) Quarterly 10-Q Report
Alaska Air Group Inc. (ALK) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total operating revenue to $3,072 million from $2,839 million in the same quarter the previous year. This increase is attributed to the acquisition of Hawaiian Holdings, Inc. and increased passenger traffic.
Operating expenses for the quarter were $2,731 million, up from $2,628 million in the same quarter of the previous year. The increase is primarily due to higher wages and benefits, variable incentive pay, and the inclusion of Hawaiian's operations.
Fuel expense decreased to $624 million from $694 million, driven by lower fuel prices and the impact of fuel hedging.
Alaska Air Group reported a net income of $236 million for the quarter, compared to $139 million in the previous year. The improvement is due to increased revenue and lower fuel costs.
Cash provided by operating activities was $1,190 million, while cash used in investing and financing activities was $436 million and $7 million, respectively.
Alaska Air Group had a cash and marketable securities balance of $2,505 million as of September 30, 2024. The company expects this balance, combined with available liquidity, to be sufficient to meet its needs for the next 12 months.
The filing also details the acquisition of Hawaiian Holdings, Inc., which was completed on September 18, 2024, for a total consideration of $977 million. The acquisition is expected to enhance network utility and expand consumer choice.
Alaska Air Group continues to focus on integrating Hawaiian Airlines and achieving anticipated synergies from the acquisition. The company also highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alaska Air Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].