Alaska Air Group Reports Strong Third Quarter 2024 Results and Completes Hawaiian Airlines Acquisition

Alaska Air Group has announced robust financial results for the third quarter of 2024, highlighting a strong performance across various metrics. The company reported a GAAP pretax margin of 10.7% and earnings per share (EPS) of $1.84. On an adjusted basis, the pretax margin stood at 13.0%, leading the industry in this regard.

The third quarter results include approximately 13 days of financial data from Hawaiian Airlines, which Alaska Air Group acquired on September 18, 2024. This acquisition is part of the company’s strategy to expand its network and enhance its service offerings. “There has been no better time to be part of Alaska Air Group. By bringing together Alaska and Hawaiian’s remarkable service, expansive networks, distinct cultures, and shared values, we are creating a resilient airline that can meet the challenge of competing in a rapidly shifting industry,” said Ben Minicucci, President & CEO of Alaska Air Group.

In terms of operational updates, Alaska Air Group received two 737-9 aircraft and one 737-8 aircraft during the quarter, adding to its fleet. Additionally, Hawaiian Airlines received its fourth A330-300 freighter from Amazon. The company also completed the installation of Starlink on Hawaiian’s 24 A330 aircraft, offering free high-speed Wi-Fi to guests onboard.

Other significant initiatives include the launch of Stays by Alaska Vacations in partnership with Expedia Group, a platform offering exclusive deals on over 900,000 hotels and vacation rental properties. This allows Mileage Plan members to earn and redeem miles on reservations. Furthermore, Alaska Airlines announced a partnership with James Beard award-winning chef Brandon Jew to offer an exclusive First Class dining experience on flights between San Francisco and New York JFK.

Financially, Alaska Air Group generated $318 million in operating cash flow and held $2.5 billion in unrestricted cash and marketable securities as of September 30, 2024. The company also consolidated and upsized its existing revolving credit facilities to $850 million to support its overall liquidity target.