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Hawaiian Airlines Reports First Quarter 2022 Net Loss of $123 Million or $2.39 per Share

Hawaiian Airlines has reported a first quarter 2022 net loss of $123 million or ($2.39) per share on a 27 percent year-over-three decline in revenue to $477.2 million. At March 31, 2022, the airline had total liquidity of $1.9 billion.

Hawaiian Airlines Airbus A321neo - Courtesy Hawaiian Airlines

On Tuesday (April 26, 2022), Hawaiian Airlines reported their first quarter financial results for the period ending March 31, 2022. The carrier reported a first quarter net loss of $123 million or ($2.39) per share on a 27 percent year-over-three decline in revenue to $477.2 million. At March 31, 2022, Hawaiian had unrestricted cash, cash equivalents and short-term investments of around $1.6 billion and an undrawn revolving credit facility of $235 million, for total liquidity of approximately $1.9 billion. The company’s outstanding debt and finance lease obligations at the end of the quarter was $1.9 billion, while their air traffic liability totaled $761 million.

In Tuesday’s announcment, Hawaiian Airlines’ President and CEO, Peter Ingram, said,

“Strong demand for leisure travel to Hawai‘i is poised to propel our domestic revenue to record levels as the effects of the pandemic are more muted now than at any point in the past two years. Based on these trends, we anticipate a resurgence of international demand as restrictive travel policies continue to loosen. I am extremely proud of our wonderful team who are committed to connecting people with aloha.”

Hawaiian Airlines’ first quarter 2020 revenue per available seat mile (RASM) increased year-over-year by 52.5 percent to 11.19 cents, while the airline’s cost per available seat mile (CASM) increased 42.5 percent versus Q1 2021 to 14.66 cents. The company’s CASM excluding fuel and non-recurring items (CASM-ex) was down year-over-year by 22.6 percent to 11.07 cents.

During the first quarter, the carrier operated 88 percent of their Q1 2019 capacity (118% North America, 75% Neighbor Island and 25% International). Hawaiian Airlines announced in March the restart of daily nonstop service between Oakland, California and Kona, Hawai’i, which will operate from June 15th through September 6, 2022. The carrier will also add a second daily flight between San Francisco and Honolulu from May 15th through August 1st, 2022. This month, the carrier further announced the resumption of three weekly flights between Auckland (New Zealand) and Honolulu from July 2nd, as well as an increase in frequencies between Seoul and Honolulu for summer 2022.

In March, Hawaiian Airlines opened a 3,000 square-foot line maintenance facility at Long Beach Airport in California where the company’s aircraft mechanics will perform maintenance on the carrier’s Airbus A321neo fleet. Earlier this week, the carrier also announced an agreement with SpaceX to deploy their Starlink satellite internet service on Hawaiian’s long-haul fleet, offering complimentary internet connectivity from 2023.

Hawaiian® Airlines, Hawai’i’s hometown airline, has been the number one U.S. carrier for on-time performance for the past 18 years (2004-2021). The carrier has been in business for 93 years and is Hawaiʻi’s largest and longest-serving airline. Hawaiian Airlines offers approximately 130 daily flights within the Hawaiian Islands and daily nonstop service to 16 U.S. mainland gateways. Additionally, the carrier connects Honolulu with American Samoa, Japan, Australia, New Zealand, South Korea and Tahiti. Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA).

In trading Wednesday afternoon (April 27, 2022), shares in Hawaiian Holdings, Inc. (NASDAQ: HA) were 9.27% lower at $16.84/share (12:16 PM EDT).

Source: Hawaiian Airlines


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