Alaska Air Group reported a $1 billion net profit—in GAAP terms—for full-year 2017, incorporating a one-time $274 million tax benefit associated with the US tax reform legislation enacted in late December 2017. Excluding the tax benefit, merger-related costs and fuel hedge adjustments, Alaska’s adjusted net income for 2017 came to $823 million, a 9.7% decline from the Seattle-based company’s $911 million adjusted net profit in 2016. “Our earnings are under ...

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