Alaska Air Group, Inc. (Alaska Airlines and Horizon Air – Alaska Horizon) (Seattle/Tacoma) today reported second quarter 2013 GAAP net income of $104 million, or $1.47 per diluted share, compared to $68 million, or $0.93 per diluted share in the second quarter of 2012. Excluding the impact of mark-to-market fuel hedge adjustments of $1 million, the company reported adjusted net income of $105 million, or $1.47 per diluted share, compared to adjusted net income of $111 million, or $1.53 per diluted share, in 2012.
“These results represent our 17th consecutive quarter of profitability and the second-best June quarter in our history. I want to thank our employees at Alaska and Horizon who are continuing to work hard to keep us safe and reliable, provide a great experience for our customers, and produce results that make Alaska a great place to invest,” CEO Brad Tilden said. “Although our quarterly results were down slightly, our financial performance continues to be very strong. This is why we were very pleased to recently announce the initiation of a quarterly dividend which, combined with our share repurchases, will be a key component of our capital deployment program.”
The following table reconciles the company’s reported GAAP net income and earnings per diluted share (EPS) during the second quarters of 2013 and 2012 to adjusted amounts:
| Three Months Ended June 30, | |||||||||||||||
| 2013 | 2012 | ||||||||||||||
| (in millions, except per-share amounts) | Dollars | Diluted EPS | Dollars | Diluted EPS | |||||||||||
| Reported GAAP net income | $ | 104 | $ | 1.47 | $ | 68 | $ | 0.93 | |||||||
| Mark-to-market fuel hedge adjustments, net of tax | 1 | — | 43 | 0.60 | |||||||||||
| Non-GAAP adjusted income and per-share amounts | $ | 105 | $ | 1.47 | $ | 111 | $ | 1.53 | |||||||
Top Copyright Photo: Brian McDonough/AirlinersGallery.com. Banking on its final approach, Alaska Airlines’ Boeing 737-890 N514AS (msn 35193) prepares to straighten up for landing at Washington (Reagan National).
Alaska Airlines: 
Horizon Air:
Alaska Horizon:
Bottom Copyright Photo: Bruce Drum/AirlinersGallery.com. Horizon Air’s (Alaska Horizon) Bombardier DHC-8-402 (Q400) N436QX (msn 4236) exits the runway at Seattle-Tacoma International Airport.
