Alaska Air Group Inc.’s stock
ALK,
slid 1.4% in premarket trade Thursday, after the regional airline posted a wider-than-expected loss for the first quarter. The carrier had a net loss of $142 million, or $1.11 a share, for the quarter, after a loss of $143 million, or $1.14 a share, in the year-earlier period. Its adjusted per-share loss was 62 cents, wider than the 48 cent FactSet consensus. Revenue rose to $2.196 billion from $1.681 billion, squeaking ahead of the $2.195 billion FactSet consensus. “This quarter we returned to pre-pandemic levels of flying and our roadmap to profitable growth is on track,” said Alaska CEO Ben Minicucci in a statement. The company is expecting double-digit adjusted pre-tax margins in the second quarter and still expects full-year pretax margins of 9% to 12%. The stock has gained 1.7% in the year to date, while the S&P 500
SPX,
has gained 8%.
