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MarketScreener Homepage  >  Equities  >  Nyse  >  Alaska Air Group, Inc.    ALK

ALASKA AIR GROUP, INC.

(ALK)
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Alaska Airlines to Lease 13 New 737-9 MAX Aircraft in Modernization Bid

11/23/2020 | 12:57pm EST

By Kimberly Chin

Alaska Air Group Inc. said it will lease 13 new Boeing Co. 737-9 MAX aircraft and sell 10 Airbus A320s to Air Lease Corp., in a move that will help modernize its mainline fleet.

The carrier will receive the leased aircraft starting in the fourth quarter of 2021 through 2022, the company said. The 737-9 MAX aircraft are 20% more fuel efficient, have 20% less carbon emissions per seat and can fly farther than the A320s, the company said.

Alaska Airlines' parent expects to begin flying the 737-9 MAX in March.

It will also lease back the A320s from Air Lease for a short period of time after the deal closes in order to align with its fleet modernization plan, the company said.

"We found an opportunity to sell 10 planes that are not in our long-term plans and replace them with 13 of the most efficient narrow-body aircraft available," Alaska Air Chairman and Chief Executive Brad Tilden said.

The new leased aircraft are in addition to 32 MAX aircraft the company has currently ordered from Boeing.

With the transaction, some of Alaska Air's debt that was previously collateralized by the 10 Airbus A320s was prepaid, the company said in a securities filing. The prepaid debt, associated fees, as well as sales proceeds, were about $272 million. The company has excluded that figure from cash burn projections in the fourth quarter, it said in the filing.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

11-23-20 1256ET

Stocks mentioned in the article
ChangeLast1st jan.
AIR LEASE CORPORATION -4.31% 43.28 Delayed Quote.-2.57%
AIRBUS SE -1.47% 91.19 Real-time Quote.3.09%
ALASKA AIR GROUP, INC. -3.19% 53.65 Delayed Quote.3.17%
THE BOEING COMPANY -2.66% 204.32 Delayed Quote.-4.55%
All news about ALASKA AIR GROUP, INC.
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01/14ALASKA AIR GROUP, INC. : Regulation FD Disclosure (form 8-K)
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01/11ALASKA AIR : Cowen & Co Adjusts Alaska Air Group PT to $57 From $44, Maintains O..
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01/08ALASKA AIR : Airlines adds two new routes from Southern California; Nonstop serv..
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01/07ALASKA AIR : Adds Two Routes Out of Southern California
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More news
Financials (USD)
Sales 2020 3 576 M - -
Net income 2020 -1 230 M - -
Net Debt 2020 2 429 M - -
P/E ratio 2020 -5,40x
Yield 2020 0,42%
Capitalization 6 635 M 6 635 M -
EV / Sales 2020 2,53x
EV / Sales 2021 1,51x
Nbr of Employees 18 112
Free-Float 92,5%
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Technical analysis trends ALASKA AIR GROUP, INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 58,21 $
Last Close Price 53,65 $
Spread / Highest target 30,5%
Spread / Average Target 8,51%
Spread / Lowest Target -14,3%
EPS Revisions
Managers and Directors
NameTitle
Bradley D. Tilden Chairman, President & Chief Executive Officer
Benito Minicucci Chief Operating Officer & EVP-Operations
Shane R. Tackett Chief Financial Officer & Executive VP-Finance
Charu Jain Chief Information Officer & Vice President
Patricia M. Bedient Lead Independent Director
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