Fuel Costs Wipe Out Alaska Airlines’ Profit — Nearly $500 Million in Losses

Alaska Airlines lost nearly $500 million in the first six months of the year due to surging fuel costs. But executives are betting that high travel demand and possibly lower fuel costs will reverse the carrier’s losing streak. 

“We’ve lost almost $500 million in the first half of the year, which we don’t like,” said Alaska CEO Ben Minicucci during a call with analysts on Wednesday “But the second half of the year is going to be a complete mirror image of what’s happened in the first half for us.”

The carrier reported a $76 million loss in the second quarter, with fuel expenses at $1.3 billion, an 85% increase from a year ago. Earlier this year, Alaska and JetBlue were among the two major U.S. carriers to suspend guidance due to fuel costs. 

“We’re not satis