Alaska Air Group Posts Quarterly Profit

From Bloomberg News

Alaska Air Group Inc., parent of West Coast carrier Alaska Airlines, had a second-quarter profit of $45.2 million with help from a government subsidy.

Net income was $1.70 a share, including $44.3 million in U.S. payments to cover security costs, contrasted with a loss of $2.9 million, or 11 cents, in the 2002 period.

Alaska Air expects a third-quarter profit and losses in the fourth quarter and full year, Chief Financial Officer Brad Tilden said.

The Seattle-based company said it would have had profit of $900,000, or 3 cents a share, without the government aid.

Alaska Airlines, the ninth-largest U.S. carrier, was one of the few major U.S. airlines to grow during the quarter, increasing passenger traffic 9.1% from the year-earlier period as it added 5.7% to flight and seat capacity.

Alaska Air shares rose $1.40 to $24.16 on the New York Stock Exchange.

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