Despite recession fears and a large increase in labor costs from major contract deals with its pilots, Alaska Air CEO Ben Minicucci on Thursday proclaimed the airline was back on a growth trajectory.
Travel statistics on the U.S. Department of Transportation website show Alaska had the top on-time performance among all U.S. airlines in June and July. Aviation data company Cirium shows it ranking No. 2 in August behind Delta and No. 3 in September behind Delta and United. He said the exceptionally large pay increases awarded last month to the entry-level pilots at Horizon Air “provides us a strong foundation for our efforts in attracting, retaining and building a robust pilot pipeline.”
Alaska’s $2.8 billion in revenue for the quarter was the highest “ever recorded in our history,” Minicucci noted. American, Delta and United all reported record revenue and large profits in the third quarter. Each of those stocks also fell Thursday, but not as much as Alaska’s.
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