Alaska Air Group (Alaska) has posted financial results for the fourth quarter and full year ended December 31, 2022. Alaska reported net income for the fourth quarter and full year 2022 under Generally Accepted Accounting Principles (GAAP) of US$22 million and US$58 million respectively. These results compare to net income for the fourth quarter and full-year 2021 of US$18 million and US$478 million respectively.
The company reported net income, excluding special items and mark-to-market fuel hedge accounting adjustments, of US$118 million and US$556 million respectively. These results compare to net income for the fourth quarter and net loss for the full year 2021, excluding special items and mark-to-market fuel hedge accounting adjustments, of US$31 million and US$256 million respectively.
Alaska recorded US$257 million of incentive pay in 2022 earned by employees for meeting or exceeding profitability, safety and emissions targets. The pay-out is the richest in the 20-year history of the plan, representing nearly six weeks of pay for most employees.
The company recorded US$2.5 billion in operating revenue for the fourth quarter, resulting in US$9.6 billion in operating revenue for the full year 2022, the highest annual total in company history.
Alaska received nearly US$1.5 billion in annual cash remuneration under the renewed co-brand credit card arrangement with Bank of America. (£1.00 = US$1.23 at time of publication)
