Alaska Air posts higher quarterly profit

Fri Apr 25, 2014 8:57am EDT

A ground crew member walks near Alaska Airlines planes parked at Seattle-Tacoma International Airport in SeaTac, Washington October 30, 2013. REUTERS/Jason Redmond

A ground crew member walks near Alaska Airlines planes parked at Seattle-Tacoma International Airport in SeaTac, Washington October 30, 2013.

Credit: Reuters/Jason Redmond

(Reuters) - Alaska Air Group (ALK.N) on Friday reported a higher-than-expected first-quarter profit, aided by lower fuel costs and higher airfares.

The Seattle-based parent of Alaska Airlines said net income in the quarter more than doubled to $94 million, or $1.35 a share, from $37 million, or 51 cents a share, a year earlier.

Excluding fuel-hedge adjustments, profit was $1.28 a share, compared with $1.24 expected by analysts on average, according to Thomson Reuters I/B/E/S.

Quarterly revenue rose 8 percent to $1.22 billion. Operating expenses rose 1 percent but fuel costs fell 6 percent. Yield, a measure of the average fare, rose 2.2 percent to 14.7 cents.

(Reporting by Karen Jacobs in Atlanta, Editing by Franklin Paul)

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