Alaska Air posts higher quarterly profit
(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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