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Pilots Just Cost This Airline $140 Million

Alaska Air Group Inc. (ALK) said it will reduce planned capacity growth and guided toward a $140 million impact from a pilot contract that is currently being negotiated.

The fifth-largest U.S. carrier said that excluding items it earned $312 million or $2.51 a share in the second quarter. Analysts were looking for earnings of $2.52. Revenue was $2.1 billion, up 10%.

During the quarter, revenue per available seat mile grew 3.5% and Alaska produced an operating margin of 24.7%.

Looking ahead, the carrier guided toward full-year capacity growth of 8%, down from 8.5% previously, with cost per available seat mile up 1.5% in the quarter and 0.5% for the full year.

Additionally, in a footnote to its investor update, Alaska said that...