Alaska Air Group, Inc. (ALK - Free Report) reported first-quarter 2018 earnings per share of 14 cents, beating the Zacks Consensus Estimate of 11 cents. Earnings, however, declined from the year-ago figure.

How Was the Estimate Revision Trend?

Investors should note that the earnings estimate revisions for Alaska Air Group depicted a gloomy picture prior to the earnings release. The stock had seen the Zacks Consensus Estimate for first-quarter earnings being revised 76.6% downward over the last 90 days.

Moreover, the company has an unimpressive earnings history having outperformed the Zacks Consensus Estimate in only two of the last four quarters with an average beat of 0.23%.

Revenues Higher Than Expected

Alaska Air Group recorded revenues of $1,832 million, which came marginally above the Zacks Consensus Estimate of $1,830.6 million. Also, it compared favorably with the year-ago number of $1,749 million.

Alaska Air Group, Inc. Price and EPS Surprise

Alaska Air Group, Inc. Price and EPS Surprise | Alaska Air Group, Inc. Quote

Key Stats to Note: The airline witnessed a 2.1% decrease in consolidated revenue per available seat mile (RASM: a key measure of unit revenue) in the quarter. Passenger revenues climbed 5% to $1,685 million in the quarter. Cost per available seat mile (CASM), excluding fuel, rose 5.1% in the quarter, while economic fuel cost per gallon surged 20.2%. The company repurchased 185,661 shares for $12 million in the first three months of 2018.

Zacks Rank: Currently, Alaska Air Group has a Zacks Rank #3 (Hold) but that could change following the company’s earnings report which was just released.