Alaska Airlines will spread its wings by flying to Tokyo and Seoul beginning next year

By The Associated Press

FILE - Alaska Airlines aircraft sits in the airline's hangar at Seattle-Tacoma International Airport, Jan. 10, 2024, in SeaTac, Wash. (AP Photo/Lindsey Wasson, File)[ASSOCIATED PRESS/Lindsey Wasson]

NEW YORK (AP) — Alaska Airlines said Tuesday it will start new service to Tokyo and Seoul next year as part of a plan to boost international flights over the next several years.

Alaska announced the new routes Tuesday as it raised its fourth-quarter outlook and publicized a plan to boost profit by $1 billion over three years.

It said greater efficiency from combining with Hawaiian Airlines will save the company at least $500 million by 2027. Alaska also plans to introduce a new premium co-branded credit card; similar deals have been lucrative for other carriers.

Alaska also announced a plan to spend $1 billion buying back its own stock, which makes investors’ existing shares more valuable.

Shares of Seattle-based Alaska Air Group jumped 14% in midday trading.

The airline said Tuesday that it will begin flying between Seattle and Tokyo’s Narita International Airport in May, and add service between Seattle and Seoul in October.

Alaska said it plans to fly from Seattle to at least a dozen international destinations by 2030, using large jets owned by Hawaiian, which Alaska bought this year for $1 billion plus assumed debt.

The airline said it expects to earn 40 to 50 cents per share in the fourth quarter, up from an earlier forecast of 20 to 40 cents per share, because of stronger-than-expected bookings in November and December. That outlook followed similar upgrades last week by Southwest Airlines and American Airlines, which reported strong demand for leisure travel.