Welcome to our dedicated page for Alaska Air Group news (Ticker: ALK), a resource for investors and traders seeking the latest updates and insights on Alaska Air Group stock.
Alaska Air Group reports airline developments across Alaska Airlines, Horizon regional operations and Hawaiian Airlines. Recurring news covers route additions, network changes in the U.S. and international markets, passenger and cargo service, operational performance, fleet modernization, and financial results for the air transportation business.
Company updates also address Atmos™ Rewards, co-branded credit card economics, oneworld alliance participation, brand partnerships, maintenance technology, aircraft orders and capital-structure actions. News involving Hawaiian Airlines reflects its role within Alaska Air Group, including Hawaiʻi-focused service, loyalty integration and global alliance connectivity.
Alaska Air Group reported a GAAP net loss of $431 million, or $3.49 per diluted share, for Q3 2020, contrasting with a net income of $322 million, or $2.60 per diluted share, in Q3 2019. Excluding specific adjustments, the adjusted net loss was $399 million, or $3.23 per share. The company maintained a debt-to-cap ratio of 59%, with $3.8 billion in cash and marketable securities. Despite challenges, cash burn decreased to approximately $4 million daily, and total liquidity rose to $5.5 billion. Alaska announced new partnerships and initiatives for customer safety and operational enhancements.
Alaska Air Group has appointed Jessie J. Knight, Jr. to its board of directors, effective immediately. Knight previously served from 2002 to 2017 and will contribute to the compensation and leadership development committee. His experience includes navigating the company through major challenges like 9/11 and the 2008 recession. This appointment increases independent director seats to 11 out of 13 total members, enhancing board diversity with 45% representation of women and minorities. Alaska Airlines serves over 115 destinations in North America, known for its award-winning service.
Alaska Airlines has launched its "Swell Deals" fare sale, utilizing dynamic ocean data from Surfline to provide up to 30% discounts on flights to surfing destinations in Hawaii and California. The promotion runs from October 20 to February 10, 2021, with discounts based on wave heights, increasing with larger swells. The airline also waives fees for sports equipment, making travel easier for surfers. In addition, Alaska Airlines is offering discounted COVID-19 testing to facilitate travel to Hawaii without quarantine.
Alaska Airlines announced the launch of Embraer 175 jet service in Alaska starting Oct. 18, enhancing connectivity among key markets. The E175 aircraft will allow increased daily flights between Anchorage and Fairbanks and offer year-round services to King Salmon and Dillingham. With a capacity of 76 seats and no middle seats, the E175 is designed for efficiency in smaller markets. The addition supports Alaska Airlines' commitment to improving air service amid challenges faced during the pandemic.
Horizon Air has appointed Captain Carlos Zendejas as its new vice president of flight operations, overseeing 700 pilots. With over 30 years in aviation, including 22 years in the U.S. Air Force, Zendejas brings significant experience. He previously served as Alaska Airlines' Seattle base chief pilot and system chief pilot at Horizon since 2017. Horizon operates a fleet of 62 aircraft and runs 3,800 weekly flights across the western U.S. and Canada, exclusively for Alaska Airlines.
On October 9, 2020, Alaska Airlines announced a new incentive for Mileage Plan members, allowing them to convert their wallet credit into miles at a rate of $100 for 10,000 miles. The offer, valid until October 12, 2020, lets members exchange their wallet funds in increments of 25% to 100%. Additionally, Alaska has implemented extensive safety measures in response to health concerns, including mandatory masks for travelers. With award travel starting at just 5,000 miles, the airline continues to support its members and increase engagement during uncertain times.
Alaska Air Group, the parent company of Alaska Airlines and Horizon Air, will announce its third quarter financial results for 2020 on October 22, 2020. A conference call is scheduled for 11:30 a.m. Eastern time / 8:30 a.m. Pacific time. The announcement will provide insights into the airline's performance as it continues to serve over 115 destinations across the U.S. and North America, focusing on essential services.
Alaska Airlines is partnering with Carbon Health to provide rapid COVID-19 testing for guests traveling to Hawaii, starting October 12. Testing will be available at a pop-up clinic in Seattle, allowing travelers to receive results within two hours for a fee of $135. With Hawaii's pre-travel testing program set to begin on October 15, Alaska Airlines aims to facilitate a safe return for customers by offering convenient testing options. The initiative also includes plans for additional clinics and enhanced safety measures for passengers and crew.
The Alaska Airlines Foundation has awarded $430,000 in LIFT grants to 41 nonprofits across Alaska, California, Hawaii, Oregon, and Washington. This marks the largest cash distribution in the Foundation's history, totaling $750,000 in 2020. The funding focuses on supporting youth and addressing racial and educational equity in communities. The Foundation aims to empower young people through career opportunities, reflecting on the increased need due to the COVID-19 pandemic.
On September 21, 2020, Alaska Airlines announced five new winter routes connecting Los Angeles and Palm Springs to key destinations including Cancun, Boise, and Reno, starting December 17, 2020. These routes aim to accommodate the returning demand for leisure travel. Additionally, the airline is increasing service frequency on existing routes from Los Angeles. Alaska Airlines emphasizes safety by limiting capacity and enforcing mask-wearing, further enhancing its customer service reputation. Tickets are now available for booking at alaskaair.com.