Alaska Air loses a nearly quarter of a billion dollars in second quarter

Alaska flight 64 takes off from Petersburg airport in July of 2018. (Joe Viechnicki/KFSK)
Alaska flight 64 takes off from Petersburg airport in July of 2018. The company lost $214 million in the second quarter of 2020. (Joe Viechnicki/KFSK)

SEATTLE (AP) – Alaska Air Group Inc. (ALK) on Thursday reported a second-quarter loss of $214 million, after reporting a profit in the same period a year earlier.

The Seattle-based company said it had a loss of $1.73 per share. Losses, adjusted for non-recurring gains, came to $3.54 per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $3.39 per share.

The airline posted revenue of $421 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $307.7 million.

Alaska Air shares have decreased 46% since the beginning of the year. The stock has dropped 42% in the last 12 months.

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