Benzinga | Jul 22, 2021 08:06AM EDT

Alaska Air Group Revenue Flies In Q3

* Alaska Air Group, Inc. (NYSE:ALK) reported second-quarter operating revenue growth of 263% year-over-year to $1.53 billion, beating the consensus of $1.50 billion.

* Adjusted loss per share of $(0.30) compared to a $(3.57) loss last year, beat the consensus for $(0.73) loss.

* Passenger revenue improved by 338% Y/Y to $1.35 billion.

* Operating expenses increased by 38% Y/Y to $978 million.

* Net cash provided by operating activities year-to-date totaled $1.01 billion.

* Revenue passengers increased by 486.7% Y/Y, RPMs increased by 524.8%, ASMs increased by 211.4% Y/Y, and Load factor increased 3,860 basis points to 77%.

* CASM excluding fuel and special items was 9.20?, compared to 21.87? a year ago.

* During the quarter, the company announced plans to grow mainline and regional fleets, exercising options for Boeing Co's (NYSE:BA) 13 737-9 MAX with deliveries in 2023 and 2024, and nine E175 to be operated by Horizon Air with deliveries in 2022 and 2023.

* The company had $4 billion in unrestricted cash and marketable securities as of June 30, 2021, and a debt-to-capitalization ratio of 56%.

* Raymond James maintained Strong Buy on Alaska Air but lowered the price target to $78, implying a 40% upside.

* Price Action: ALK shares are down 0.89% at $57.08 during the premarket session on the last check Thursday.

* Photo by Tom?s Del Coro via Wikimedia