Alaska Air Stock Drops After Disappointing Financial Report

SEATTLE (AP) — Alaska Air stock has dropped about four percent in value in Thursday morning’s trading.

The company reported a profit of more than $7 million in the fourth quarter, compared with a loss of nearly $12 million a year ago. But, without accounting adjustments the company would have reported another fourth-quarter loss. The CEO, Bill Ayer, says that’s largely due to higher fuel costs.

For the year the company reports net income of $125 million, compared with a net loss of about $53 million in 2006.

The Seattle company operates Alaska and Horizon airlines.