Alaska Air Group 'gaining momentum' out of COVID-19 crisis, posts USD431m net loss in 3Q2020

Alaska Air Group announced (22-Oct-2020) a net loss of USD431 million in 3Q2020, compared to a net income of USD322 million in 3Q2019. The company maintained an adjusted net debt of USD1.7 billion, and posted total liquidity of USD5.5 billion as of 21-Oct-2020. Daily cash burn is reduced to approximately USD4 million, down from approximately USD5 million in 2Q2020. Alaska Air Group CEO Brad Tilden observed: "Each of the last six months has been better than the month before in terms of flights offered and passengers carried, and to date, we've kept our net debt unchanged". Alaska Air Group reached an agreement with the US Treasury to participate in the CARES Act loan programme, and has been advised by the Treasury of the upsizing of the loan facility to USD1.9 billion. Mr Tilden stated the company is "gaining momentum as we climb our way out of this crisis", adding: "Alaska has competitive advantages that continue to serve us well in this crisis". [more - original PR]