Alaska Air Group rebounded to a profit of $24.1 million for the fourth quarter, compared to a net loss of $75.2 million for the same quarter last year. Alaska Air Group, the parent company of Alaska Airlines and Horizon Air, attributed the profit in part to lower fuel costs.
United Airlines on Tuesday reported a second-quarter loss of $151 million, excluding special charges. A year ago, the company earned a profit of $274 million. United also said it will cut at least 7,000 additional jobs by the end of 2009. The company blamed its weaker results on the soaring cost of jet fuel.
Alaska Air's Horizon Air will phase out 37-seat Q200 and 70-seat CRJ-700 planes as part of an effort to lower its fuel costs. The airline said it will also cut weaker routes in the Pacific Northwest and adjust frequencies.
Alaska Air said special gains helped it post a profit of $7.4 million in the fourth quarter. The airline said the higher fuel costs hurt results. When adjusted for fuel hedging and special charges and benefits, the company posted a loss of $17.9 million.