Alaska Air Group has reported first quarter 2018 GAAP net income of US$4m compared to US$93m in the first quarter of 2017. First quarter adjusted net income excluding special items such as merger-related costs, an employee bonus awarded in connection with the Tax Cuts and Jobs Act, and mark-to-market fuel hedge accounting adjustments was US$18m, compared to US$124m in the first quarter of 2017.
Alaska generated approximately US$310m of operating cash flow and used approximately US$235m for capital expenditures, resulting in approximately US$75m of free cash flow for the first three months of 2018. Alaska held US$1.5bn in unrestricted cash and marketable securities as of March 31, 2018.