Alaska Air Clocks Operating Revenue Growth Of 45% In Q3 Aided By Passenger Revenue Momentum

Alaska Air Group, Inc ALK reported third-quarter FY22 operating revenue growth of 45% year-over-year to $2.828 billion, marginally beating the consensus of $2.82 billion.
Passenger revenues improved by 47% Y/Y to $2.62 billion.
Adjusted EPS was $2.53, beating the consensus of $2.40.
The company reported an operating income of $62 million, down 76% Y/Y as expenses shot up 63% Y/Y.
Revenue passengers increased by 16.3% Y/Y, traffic increased by 33%, capacity increased by 13.3% Y/Y, and load factor expanded 620 basis points to 86.5%.
Alaska Air generated cash from operating activities of $174 million. It held $3.2 billion in cash and equivalents.
4Q22 Outlook versus 4Q19: Alaska Air expects Capacity (ASMs) to be down 7% - 10%, Passenger load factor of 83% - 86%. It expects total revenue to be up 12% - 15%.
For FY22, ALK continues to expect capacity to be down 8% to 9% as it prioritizes the transition to single fleet and operational reliability.
Price Action: ALK shares closed lower by 1.16% at $41.85 on Wednesday.
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