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Hawaiian Airlines Reports First Quarter Net Loss of $61 Million on 67% Revenue Decline to $182 M

Hawaiian Airlines has reported a first quarter net loss of $61 million or ($1.23) per share on a 67 percent year-over-year decline in revenue to $182 million. At March 31, 2021, the company had $1.9 billion in cash, cash equivalents and short-term investments.

Hawaiian Airlines Airbus A321neo - Courtesy Hawaiian Airlines

On Tuesday (April 27, 2021), Hawaiian Holdings, Inc. reported their first quarter 2021 financial results. The airline reported a first quarter net loss of $61 million or ($1.23) per share on a 67 percent decline in revenue to $182 million versus Q1 2020. When compared to the first quarter of 2019, Hawaiian Airlines’ revenue was down 72 percent on 49 percent lower capacity. Operating expenses for the quarter, excluding non-recurring items of $403 million, totaled $255 million, a 33 percent decrease versus the first quarter of 2019.

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

“We reached an important inflection point during the first quarter on our path to recovery with an encouraging rebound in demand, despite the challenges that the COVID-19 pandemic continues to impose on our business. Bookings in North America improved materially as we began to realize the pent up demand for leisure travel after a year of lockdown. I am grateful to my colleagues who continue to connect people with aloha in the face of historic uncertainty. I am more optimistic each day about our progress as we rebuild our network and capitalize on the resilience of Hawai'i as a post-pandemic vacation destination.”

First Quarter 2021 Key Financial Metrics - Courtesy Hawaiian Airlines

At March 31, 2021, Hawaiian Airlines had cash, cash equivalents and short-term investments totaling $1.9 billion, an increase from $1.0 billion at the end of the fourth quarter of 2020. The carriers outstanding debt and finance lease obligations at the end of the quarter totaled $2.1 billion, an increase of $852 million from December 31, 2020. Hawaiian Airlines closed the first quarter with an air traffic liability of $687 million, up $154 million compared to the close of the fourth quarter of last year.

In February 2021, Hawaiian Airlines completed a private placement by Hawaiian Brand Intellectual Property, Ltd. and HawaiianMiles Loyalty, Ltd., indirect wholly-owned subsidiaries of the company. The placement was for an aggregate principal amount of $1.2 billion in 5.75% senior secured noted due 2026. Hawaiian also completed an ATM (at-the-market) equity offering in March, raising net proceeds of $109 million.

As of March 31, 2021, Hawaiian had received $147.3 million in grants and $20.2 million in loans from the U.S. Treasury’s Payroll Support Program Extension (PSP2). During February, the company repaid in full a $45 million loan received under the U.S. Cares Act, as well as $235 million borrowed under its revolving credit facility. In the second quarter, Hawaiian expects to receive an additional $25.1 million in U.S. Treasury PSP2 funds, as well approximately $179.7 million in PSP3 funds.

Hawaiian® Airlines, Hawai’i’s hometown airline, has been the number one U.S. carrier for on-time performance for the past 17 years. The airline has been in business for 92 years and is Hawai’i’s largest and longest-serving airline. Hawaiian Airlines offers more nonstop connectivity between Hawai’i and the U.S. mainland than any other airline, serving 16 gateways including Los Angeles, Long Beach, Oakland, Portland, San Diego, Seattle, San Francisco, San Jose and Sacramento. Hawaiian Airlines also recently introduced the first-ever nonstop service between Orlando (MCO) and Honolulu (HNL). Additionally, the carrier connects the islands with Japan, South Korea, Australia, American Samoa and Tahiti. Due to the ongoing global COVID-19 pandemic, the airline has temporarily suspended service to Australia, New Zealand, American Samoa and Tahiti.

Source: Hawaiian Airlines


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