Alaska Air Group reported second-quarter net income of $104 million, or $1.47 per diluted share, on Thursday.
That’s a 58 percent uptick from the Seattle-based airline’s earnings of $68 million, or $0.93 per share a year ago. But the increase fell short of what analysts had forecasted, and the company’s stock lost 1.3 percent to close at $60.37.
Alaska also reported a 3 percent rise in quarterly revenue from a year ago, to $1.3 billion.
“Although our quarterly results were down slightly, our financial performance continues to be very strong,” said CEO Brad Tilden in the earnings announcement. He also noted that Alaska recently initiated a quarterly cash dividend of $0.20 per share to be paid out Aug. 22.
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Alaska expects to add another seven aircraft to its 176-plane fleet before the end of the year. The company projected an approximate 8 percent increase in capacity and a roughly 4.5 percent increase in costs due to the new planes.