Alaska Air Group reports a second quarter profit

Alaska Air Group, Inc. (Seattle/Tacoma) reported second quarter 2011 net income of $28.8 million, or $0.78 per diluted share, compared to net income of $58.6 million, or $1.60 per diluted share, in the second quarter of 2010. Excluding mark-to-market fuel hedge losses of $70.9 million ($44.1 million after tax, or $1.21 per diluted share) and fleet transition costs of $26.8 million ($16.7 million after tax, or $0.45 per diluted share), the company reported record second quarter 2011 net income of $89.6 million, or $2.44 per diluted share, compared to net income of $84.0 million, or $2.29 per diluted share, excluding special items in the second quarter of 2010.

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