Alaska Air Group—the parent of Alaska Airlines, Virgin America and Horizon Air—reported a 2017 first-quarter net profit of $99 million, down 46% from a net profit of $184 million in the 2016 March quarter. Seattle-based Alaska noted the 2016 first-quarter GAAP figure does not include San Francisco-based Virgin America, while the 2017 figure does—Alaska’s acquisition of Virgin America closed in December 2016. Combining the two companies’ results from 2016 and ...

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