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Alaska Airlines to join “oneworld® Alliance” –
Alaska Air Group reports second quarter 2020 net loss.

Alaska Airlines Boeing 737-900.
Credit: Vincenzo Pace

“Alaska Airlines To Join oneworld Alliance”

“The oneworld alliance has this week announced that Alaska Airlines (AS) will be joining the group later this year.

“This means that the airline will be the 14th of its kind to join the group, opening up connectivity with the likes of British Airways (BA), American Airlines (AA), Finnair (AY), and more.”

Alaska’s regional carrier, Horizon Air, as well as the regional partner of SkyWest will join as oneworld Affiliate Members at the same time.

“Alaska Airlines first announced its intention to join the alliance program back in February 2020 alongside plans to form a U.S-based West Coast International Alliance with American Airlines.”

“The addition of Alaska Airlines will also add 34 brand new destinations to the alliance, meaning that the total network growth will grow to more than 1,000 destinations across 170 different territories.”

“This deal will not come as much of a surprise to many anyway, especially with the airline already codesharing with the likes of American Airlines, British Airways, Cathay Pacific, Finnair, Japan Airlines, Qantas and Fiji Airways,” by James Field, Airways Magazine. Read more

“Alaska Air Group reports second quarter 2020 results; COVID-19 updates”

Financial Results from Alaska Air Group:

  • Reported net loss for the second quarter of 2020 under Generally Accepted Accounting Principles (GAAP) of $214 million, or $1.73 per diluted share, compared to net income of $262 million, or $2.11 per diluted share in the second quarter of 2019.
  • Reported net loss for the second quarter of 2020, excluding the payroll support program wage offsets, special items and mark-to-market fuel hedge accounting adjustments, of $439 million, or $3.54 per diluted share, compared to net income of $270 million or $2.17 per diluted share, in the second quarter of 2019.
  • Reported a debt-to-capitalization ratio, including short-term borrowings related to COVID-19, of 51%.

Liquidity Updates:

  • Lowered cash burn from an exit rate of $400 million per month in March to $120 million in June, a 70% reduction.
  • Closed on an additional $164 million in secured financing in the second quarter, secured by seven aircraft.

Read more from Alaska Air Group.

From The Points Guy: Alaska Airlines sees coronavirus as an opportunity for ‘rerack’ its route map

Posted by Steve on July 23, 2020 at 7:45 am | Permalink

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