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Hawaiian Airlines Reports Fourth Quarter Net Loss of $163 Million and FY 20 Net Loss of $511 Million

Hawaiian Holdings, Inc. reported a fourth quarter net loss of $163 million or ($3.50) per diluted share and a full year 2020 net loss of $511 million or ($11.08) per diluted share. Fourth quarter revenue declined by 79% to $150 million, while FY 2020 revenue fell 70.2% to $845 million.

Hawaiian Airlines Airbus A321 - Courtesy Hawaiian Airlines

On Tuesday (January 26, 2021), Hawaiian Holdings, Inc. announced their fourth quarter and full year 2020 financial results. The airline reported a fourth quarter net loss of $162.3 million or ($3.50) per diluted share on a 78.9 percent year-over-year revenue decline to $149.7 million. For the full year 2020, Hawaiian reported a net loss of $510.9 million or ($11.08) per diluted share on 70.2 percent revenue decline to $844.8 million. At December 31, 2020, the airline has unrestricted cash, cash equivalents and short-term investments of $864 million, outstanding debt and finance lease obligations of $1.3 billion and an air traffic liability of $534 million. In Tuesday’s announcement, Hawaiian Airlines’ President and CEO, Peter Ingram, said,

“While 2020 has been the most challenging year the airline industry has experienced, we are encouraged that the re-opening of Hawai'i to tourism through the state's pre-travel testing program and Hawaiian's successful testing partnerships have allowed us to begin the journey to recovery. My colleagues inspire me every day with their resolve to persevere and emerge from the pandemic strongly as they navigate through challenges and create innovative solutions to position Hawaiian for long-term success. The negative impacts of COVID-19 will create a challenging beginning of 2021, but we are confident that the structural pieces are in place for a sustained recovery.”

Hawaiian Airlines Reports Fourth Quarter and Full Year 2020 Financial Results - Courtesy Hawaiian Airlines

Hawaiian Airlines reached an important inflection point on October 15, 2020, when the State of Hawai’i reopened tourism through the launch of the State’s pre-travel testing program. During the fourth quarter, the carrier restored all pre-pandemic origin points on the U.S. mainland with the resumption of nonstop service between Hawai’i and Las Vegas, Phoenix, San Jose, Oakland, New York and Boston. Additionally, the carrier resumed international service between Honolulu and Tokyo-Haneda, Osaka, and Seoul. Although fourth quarter capacity was doubled compared to Q3, capacity for the quarter was still down 72 percent compared to Q4 2019.

The company also raised approximately $41 million in net proceeds during the fourth quarter through the sale of approximately 2.1 million shares of common stock under their at-the-market (ATM) offering program. On October 1, 2020, Hawaiian Airlines implemented permanent and extended voluntary leave programs for all workgroups, reducing their workforce by 2,400 employees or 32 percent of the company’s workforce. Approximately 2,100 reductions were achieved through voluntary means, and as of January 26, 2021, all involuntary furloughed employees have been sent recall notices pursuant to the U.S. Cares Act PSP Extension.

Last October, the company also amended their agreement with the U.S. Treasury, increasing the total amount of loans under the Cares Act Economic Relief Program (ERP) from $422 million to $622 million, of which $577 million remains undrawn. The airline has until May 28, 2021 to determine how much of the remaining ERP funds they will ultimately borrow.

On December 8, 2020, Hawaiian Airlines announced the launch of four new routes in March and April 2021including nonstop service between Honolulu and Austin, Orlando and Ontario (California), as well as between Long Beach, CA and Maui. The company expects first quarter 2021 capacity to be down about 50 percent compared to the same period in 2019. The carrier expects full-year 2020 CAPEX of approximately $50-$70 million.

Hawaiian Airlines, Hawai’i’s hometown airline, has been the number one U.S. carrier for on-time performance for the past 16 years (2004-2019). The carrier has been in business for 92 years and is Hawai’i’s largest and longest-serving airline. Prior to the pandemic, Hawaiian offered more nonstop connectivity between Hawai’i and the U.S. mainland, serving 13 gateways. The carrier also connects the islands with Japan, South Korea, Australia, American Samoa and Tahiti. In after-hours trading Tuesday evening, shares in Hawaiian Holdings, Inc. (NASDAQ: HA) were 0.099% higher at $20.24/share (5:02 PM EST).

Source: Hawaiian Airlines


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