Alaska Air Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. The company reported fourth quarter 2012 GAAP net income of $44 million, or $0.61 per diluted share, compared to GAAP net income of $64 million, or $0.88 per diluted share in 2011. Excluding mark-to-market fuel hedge losses of $10 million ($6 million after tax, or $0.09 per diluted share), the company reported record fourth quarter 2012 net income of $50 million, or $0.70 per diluted share, compared to net income excluding mark-to-market fuel hedge gains of $37 million, or $0.51 per diluted share, in 2011. The company reported operating income of $74 million and income before tax of $72 million against operating income of $114 million and income before tax of $101 million reported for the same period a year ago. Total operating revenue was $1,132 million against $1,044 million reported a year ago. Net debt stands at $590 million, roughly 60% of just 2012's EBITDAR of $950 million.

The company reported full-year 2012 GAAP net income of $316 million, compared to $245 million in the prior year. Excluding the impact of Fleet transition costs and mark-to-market fuel hedge adjustments, the company reported record net income of $339 million, or $4.73 per diluted share for 2012, compared to net income of $287 million, or $3.92 per diluted share in 2011. The company reported operating income of $532 million and income before tax of $514 million against operating income of $449 million and income before tax of $394 million reported for the same period a year ago. Total operating revenue was $4,657 million against $4,318 million reported a year ago. Total property and equipment additions were $518 million. Capital spending in 2012 was $520 million as it took delivery of 3 Boeing 737-800s, 4 737-900ERs and 2 Replacement Q400s resulting in roughly $230 million of free cash flow.

The company reported operating results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported revenue passengers of 6,387,000 and load factor of 85.4% against revenue passengers of 6,083,000 and load factor of 84.7% reported for the same period a year ago. Income before tax was $72 million on total operating revenue was $1,132 million against income before tax of $101 million on total operating revenue of $1,044 million reported for the same period a year ago.

For the year, the company reported revenue passengers of 25,896,000 and load factor of 85.9% against revenue passengers of 24,790,000 and load factor of 84.5% reported for the same period a year ago. Income before tax was $514 million on total operating revenue was $4,657 million against income before tax of $394 million on total operating revenue of $4,318 million reported for the same period a year ago.

For the first quarter of 2013, the company expects capacity in between 7,950 - 8,000 million and cost per ASM excluding fuel and special items will be 8.79 - 8.84 cents. For the year 2013, the company expects capacity in between 33,600 - 34,100 million and cost per ASM excluding fuel and special items will be 8.35 - 8.40 cents. For the second, third and fourth quarters, consolidated capacity is expected to increase by approximately 7.5%, 7% and 7.5%, respectively, compared to the prior-year quarters.

For the year 2013, total property and equipment additions are expected to be $460 million.

For the year 2014, total property and equipment additions are expected to be $420 million.

For the year 2015, total property and equipment additions are expected to be $330 million.

For the year 2013, total property and equipment additions are expected to be $280 million.