SEATTLE — On Thursday, Alaska Air Group Inc. reported a revenue loss of $132 million in the first quarter of 2024.
The Seattle-based company reported a loss of $1.05 per share, or 92 cents per share after accounting for non-recurring costs.
In a press release, Alaska Airlines said its first-quarter results were "significantly impacted" by the January door panel blowout.
On the Jan. 5 flight, a door panel blew out after takeoff, and the plane had to make an emergency landing in Portland. It was determined that the cause of the incident was missing bolts that should have kept the panel secure throughout the flight.
Alaska Airlines did receive a $162 million payment from Boeing to cover financial damages from grounding flights.
The results overall beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.09 per share.
The airline posted revenue of $2.23 billion in the period, also beating Wall Street forecasts. Six analysts surveyed by Zacks expected $2.18 billion.
For the current quarter ending in June, Alaska Air expects its per-share earnings to range from $2.20 to $2.40. The company expects full-year earnings in the range of $3.25 to $5.25 per share.
Alaska Air shares have increased slightly more than 9% since the beginning of the year. The stock has risen slightly in the last 12 months.
The company reported $30 million in revenue loss for quarter four of 2023, just before the door panel blowout.
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