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Alaska Air Group reports strong financial results for Q4 and full year 2024

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Alaska Air Group reports strong financial results for Q4 and full year 2024
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Daniel Chun Regional Vice President, Hawai‘i | Alaska Airlines

Alaska Air Group Inc. has released its financial results for the fourth quarter and full year of 2024, showcasing a significant performance in revenue and earnings. The company reported record annual revenue of $11.7 billion, achieving a GAAP pretax margin of 4.6% and an adjusted pretax margin of 7.1%, which is considered among the best in the industry.

Ben Minicucci, President & CEO of Alaska Air Group, stated, "This was a transformational year as we brought Hawaiian Airlines into Alaska Air Group and began our journey to unlock $1 billion in incremental pretax profit over the next three years." He emphasized the company's commitment to rewarding employees with nearly six weeks of pay as part of their incentive plan.

The acquisition of Hawaiian Airlines was completed on September 18, 2024, impacting consolidated results for the fourth quarter and full year. Fourth-quarter GAAP earnings per share were reported at $0.55, while adjusted earnings per share reached $0.97, surpassing guidance by approximately $0.50 at midpoint due to improvements in revenue and cost management.

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Andrew Harrison, Chief Commercial Officer, commented on future strategies: "Our success this year and our optimistic look ahead is built upon a proven strategy that puts the guest at the center of everything we do."

In terms of financial achievements for 2024 under GAAP standards, Alaska Air Group recorded net income for both the fourth quarter ($71 million) and full year ($395 million). Excluding special items and adjustments, net income stood at $125 million for Q4 and $625 million for the entire year.

The company generated operating cash flow amounting to $1.5 billion throughout 2024 and completed financing backed by its Mileage Plan program while retiring certain debts acquired with Hawaiian Airlines.

Looking forward to growth opportunities in 2025, Alaska announced plans to establish Seattle as an international gateway with new routes to Tokyo Narita and Seoul Incheon alongside other service expansions within Alaska and Oregon states.

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