Alaska Air Group, Inc. (NYSE:ALK) Q3 2023 Earnings Conference Call October 19, 2023 11:30 AM ET
Company Participants
Ryan St. John - Vice President, Finance, Planning and Investor Relations
Ben Minicucci - President and Chief Executive Officer
Emily Halverson - Vice President, Finance, Controller and Principal Accounting Officer
Matt Grady - Director, Investor Relations
Shane Tackett - Chief Financial Officer
Andrew Harrison - Chief Revenue Officer and Chief Commercial Officer
Conference Call Participants
Duane Pfennigwerth - Evercore ISI
Savi Syth - Raymond James
Andrew Didora - BofA Global Research
Helane Becker - TD Cowen
Conor Cunningham - Melius Research
Ravi Shanker - Morgan Stanley
Michael Linenberg - Deutsche Bank
Jamie Baker - JPMorgan
Scott Group - Wolfe Research
Brandon Oglenski - Barclays Capital
Catherine O’Brien - Goldman Sachs
Dan McKenzie - Seaport Global
Operator
Good morning, ladies and gentlemen and welcome to the Alaska Air Group 2023 Third Quarter Earnings Call. [Operator Instructions] Today’s call is being recorded and will be accessible for future playback at alaskaair.com. After our speakers’ remarks, we will conduct a question-and-answer session for analysts. I would now like to turn the call over to Alaska Air Group’s Vice President of Finance, Planning and Investor Relations, Ryan St. John.
Ryan St. John
Thank you, operator and good morning. Thank you for joining us for our third quarter 2023 earnings call. This morning, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today’s call, you will hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.
This morning, Air Group reported third quarter GAAP net income of $139 million. Excluding special items and mark-to-market fuel hedge adjustments, Air Group reported adjusted net income of $237 million. As a reminder, our comments today will include forward-looking statements about future performance, which may differ materially from our actual results. Information on risk factors that could affect our business can be found within our SEC filings. We will also refer to certain non-GAAP financial measures such as adjusted earnings and unit costs, excluding fuel. And as usual, we have provided a reconciliation between the most directly comparable GAAP and non-GAAP measures in today’s earnings release. Over to you, Ben.
Ben Minicucci
Thanks, Ryan and good morning, everyone. Before getting to our results, I’d like to start by acknowledging the human aspect of the work we do. This past quarter, close to home, we saw wildfires bring devastation to the West Maui community. More recently, we have been horrified by the terrorist attacks in Israel and we mourn the innocent lives lost. I want to acknowledge that people are hurting and while we share in the privilege of connecting families and communities, we also share in the pain of seeing those around the world suffer.