Alaska Air Group said it swung to a third-quarter loss as the value of its fuel hedges declined along with falling oil prices.

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Alaska Air Group said it swung to a third-quarter loss as the value of its fuel hedges declined along with falling oil prices.

The news pushed the stock of the Seattle-based operator of Alaska Airlines and Horizon Air down 87 cents, or 3.7 percent, to $22.63.

Alaska Air said it lost $86.5 million, or $2.40 a share, during the quarter that ended Sept. 30, compared with a profit of $81.8 million, or $2.01 a share, during the same period last year. Revenue rose 7.7 percent to almost $1.07 billion.

The company said that without a noncash accounting charge of $218.2 million for the decline of its fuel hedges, it would have made $39.9 million, or $1.10 a share.

Analysts surveyed by Thomson Reuters were expecting a profit of 93 cents a share on revenue of $1.01 billion.

The company’s fuel spending rose by $110 million during the quarter, which ran from July through September. Oil prices peaked in July, leaving airlines with sharply higher fuel bills during much of the summer.

But, like Alaska Air, several airlines ended the quarter with fuel hedges that have not settled yet but are worth millions of dollars less than they used to be, forcing them to book losses.

Alaska Air said it had a gain of $44 million from fuel hedges that settled during the quarter.

Both Alaska Airlines and Horizon collected more money from each passenger they flew, helping to offset some of the higher fuel expense.

“Looking forward, the volatility of oil prices and the weak economy make this an extremely challenging environment,” said Chairman and Chief Executive Bill Ayer.