Alaska Air Group (Seattle/Tacoma), the parent organization of Alaska Airlines and Horizon Air (Alaska Horizon), today reported its financial results for the second quarter. The company issued the follow report:
Alaska Air Group today reported second quarter 2012 GAAP net income of $67.5 million, or $0.93 per diluted share, compared to GAAP net income of $28.8 million, or $0.39 per diluted share in 2011. Excluding the impact of mark-to-market fuel hedge adjustments of $69.6 million($43.3 million after tax, or $0.60 per diluted share), the company reported record second quarter2012 net income of $110.8 million, or $1.53 per diluted share, compared to net income excluding special items of $89.6 million, or $1.22 per diluted share, in 2011.
The following table reconciles the company’s reported GAAP net income and earnings per diluted share (EPS) during the second quarters of 2012 and 2011 to adjusted amounts:
|Three Months Ended June 30,|
|(in millions, except per share amounts)||Dollars||Diluted EPS||Dollars||Diluted EPS|
|Reported GAAP net income||$||67.5||$||0.93||$||28.8||$||0.39|
|Fleet transition costs, net of tax||—||—||16.7||0.23|
|Mark-to-market fuel hedge adjustments, net of tax||43.3||0.60||44.1||0.60|
|Non-GAAP adjusted income and per share amounts
Copyright Photo: Michael B. Ing. Horizon Air’s (Alaska Horizon) Bombardier DHC-8-402 (Q400) N400QX (msn 4030) painted in the Idaho Vandals special livery taxies to the runway at the Seattle/Tacoma home and hub.