Alaska Air Group has reported its fourth quarter and full-year 2023 financial standings showcasing a net income for 2023.
This article will cover the details surrounding Alaska Air Group’s Q4 and full-year 2023 financial results.
Alaska Air Group’s Q4 & FY 2023 Results
For the full year of 2023, Alaska Air Group reported a net income of $235 million or $1.83 per diluted share. This net income is up when compared to 2022’s full year net income of $58 million or $0.45 per diluted share.
For Q4 of 2023, the carrier group reported a net loss of $2 million, or $0.02 per diluted share. This is down when compared to Q4 2022’s net income of $22 million, or $0.17 per diluted share.
In terms of reported net income excluding special items and mark-to-market fuel hedge accounting adjustments, at $38 million or $0.30 per diluted share during Q4 2023, and $583 million or $1.83 per diluted share for the full year.
The carrier group also repaid $40 million in debt during Q4, this brings their total debt repayments during 2023 to $282 million.
Regarding the recent groundings of their Boeing 737 MAX 9 aircraft, Alaska is preparing to complete its final inspections of their entire MAX 9 fleet before returning them to service after any findings have been resolved.
They have also completed the requested inspections of their Boeing 737-900ER aircraft with only one minor finding which was immediately corrected.
Alaska is now undergoing a thorough review of Boeing’s production quality and control systems and has begun an enhanced quality oversight program at Boeing’s production facility.
Commenting on their year, Alaska Air Group’s Chief Executive Officer, Ben Minicucci, has said, “Air Group’s 2023 accomplishments were significant. I want to thank our people for delivering a reliable operation, industry-leading cost performance, and a strong 7.5% adjusted pretax margin. As we navigate early 2024, we remain steadfast in our commitment to safety, providing a premium experience for our guests, and delivering durable financial performance.”
“I am also grateful for how the team has rallied together to demonstrate tremendous professionalism and care in the midst of a challenging start to 2024 for them and our guests. Alaska is a resilient company with a track record of operational excellence, and we are confident in the plans we have laid out to ensure that success moving forward.”
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