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Alaska Air Group reported first-quarter net income of $37 million, or 51 cents a share, down from $41 million, or 56 cents a share, for the same period last year.

The Seattle-based parent of Alaska Airlines and Horizon Air said that setting aside adjustments for fuel hedges and other special items, it had record net income of $44 million, or 62 cents a share, up sharply from $28 million, or 39 cents.

CEO Brad Tilden said the company’s record adjusted net income during a traditionally weak season “is due to steady demand that kept pace with our growth.”

Alaska shares closed at $60.24, down 64 cents or 1.1 percent. The stock is up 74 percent over the past 12 months.