Reported net income under Generally Accepted Accounting Principles (GAAP) of $4 million, or $0.03 per diluted share for the first quarter of 2019 and 2018.
Reported net income for the first quarter of 2019, excluding special items such as merger-related costs and mark-to-market fuel hedge accounting adjustments, of $21 million, or $0.17 per diluted share, compared to $18 million or $0.14 per diluted share, in the first quarter of 2018. This quarter's adjusted results compare to the First Call analyst consensus estimate of $0.12 per share.
Paid a $0.35 per-share quarterly cash dividend in the first quarter, a 9% increase over the dividend paid in the first quarter of 2018.
Repurchased a total of 214,891 shares of common stock for approximately $13 million in the first three months of 2019.
Generated approximately $470 million of operating cash flow in the first three months of 2019, including merger-related costs.
Held $1.4 billion in unrestricted cash and marketable securities as of March 31, 2019.
Maintained debt-to-capitalization ratio of 47% as of March 31, 2019, similar to the 47% as of Dec. 31, 2018.
Launched commercial service from Paine Field in Everett, Washington, to eight West Coast destinations and began service from Seattle to Columbus, Ohio, and El Paso, Texas.
Completed painting 25 Airbus aircraft in Alaska livery, and expect to complete the remainder of the fleet in the second quarter.
Announced plans to build a new Alaska Lounge in Terminal 2 at San Francisco International Airport.
Introduced a new Alaska Airlines Visa Signature Card sign-up promotion offering up to 40,000 miles to new cardholders.
Added four Boeing 737-900ER aircraft to the mainline operating fleet in the first quarter of 2019.
Recognition and Awards:
Ranked the best U.S. Airline by Money Magazine for the second year in a row.
Named "Best Mid-Size Airline" by TripAdvisor in their 2019 Travelers Choice awards.
Ranked as the No. 2 Airline in America by The Points Guy.
Alaska Air Group Inc., today reported first quarter 2019 GAAP net income of $4 million, or $0.03 per diluted share, compared to $4 million, or $0.03 per diluted share in the first quarter of 2018. Excluding the impact of merger-related costs and mark-to-market fuel hedge adjustments, the company reported adjusted net income of $21 million, or $0.17 per diluted share, compared to $18 million, or $0.14 per diluted share, in 2018.
"We performed well in the first quarter despite severe winter storms in the Pacific Northwest," said Alaska CEO Brad Tilden. "The leadership team and I want to thank our employees for running the operation safely, and as smoothly as possible, and for taking great care of our guests throughout the quarter. Our margin improvement initiatives gained traction despite the storms, and we are optimistic about the rest of 2019."
The following table reconciles the company's reported GAAP net income and earnings per diluted share (diluted EPS) for the three months ended March 31, 2019 and 2018 to adjusted amounts.