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Hawaiian Airlines Reports Net Income of $49.7M For Fourth Quarter, $224M For Full Year 2019

On Thursday, Hawaiian Airlines announced a fourth quarter GAAP net income of $49.7M, an increase of $18.9M versus Q4 2018 and a diluted earnings per share for the quarter of $1.07. For the full year, the carrier reported a net income of $224M or a diluted EPS of $4.71.

Hawaiian Airlines Airbus A321 - Courtesy Hawaiian Airlines

Today, Hawaiian Airlines announced a fourth quarter GAAP net income of $49.7M, an $18.1M improvement versus Q4 2018. Quarterly earnings per share (EPS) improved $0.43 to $1.07 as compared to the fourth quarter of 2018. For the full year, the carrier reported a GAAP net income of $224M, a decline of ($9.2M) year-over-year (YoY) and a diluted EPS of $4.71 up $0.09 versus the full year 2018. Pre-tax margin for the fourth quarter improved 0.2 points to 10.8 percent, while full year margin eroded (2.1) points to 10.5 percent versus FY 2018. In Thursday’s report, Hawaiian Airlines’ President and CEO, Peter Ingram said,

“Hawaiian delivered another year of strong financial results in 2019, despite the heightened competitive capacity environment we faced throughout the year. These results are a testament to the competitive advantages we have built and give me great confidence in our ability to continue to execute well in the years ahead. My thanks, as always, go out to the 7,400 outstanding professionals both in the day-to-day operation and in the back office, for keeping us competition-fit, running the best operation in the business, and delivering aloha to our guests day-in and day-out.”

In the fourth quarter, operating revenue per available seat mile (RASM) deteriorated (2.1) percent to 13.47 cents, while full year RASM declined (2.3) percent to 14.07 cents. Operating cost per available seat mile – excluding fuel (CASM-ex) increased 0.8 percent in the fourth quarter versus Q4 2018, while full year CASM-ex increased 1.9 percent YoY to 9.36 cents. During 2019, Hawaiian Airlines returned $91.6M to shareholders with $22.8M in dividends and $68.8M in share repurchases. On January 24, 2020, the company declared a quarterly dividend of $0.12 per share payable on February 28, 2020 to shareholders of record as of February 14, 2020. At the close of last year, the company had unrestricted cash, cash equivalents and short term investments totaling $619M and outstanding debt and lease obligations of $764M.

Hawaiian Airlines took delivery of six Airbus A321neos in 2019, bringing the fleet total of the aircraft type to 17. Additionally, the carrier retired the last of their Boeing 767s and extended leases on three Airbus A330s and five Boeing 717s. Last year, Hawaiian Airlines celebrated their 90th year of service in the Hawaiian Islands, opened a new technology center in Tempe, Arizona and announced the expansion of in-house pilot training capabilities along with the planned purchase of a Boeing 787-9 flight simulator. The company also debuted new airport lobby facilities at Daniel K. Inouye International Airport (HNL), Kahului Airport (OGG), Kona International Airport (KOA), Hilo International Airport (ITO) and Lihue Airport (LIH).

In after hours trading Thursday, shares in Hawaiian Holdings, Inc. (NASDAQ: HA) were trading nearly flat at $27.85/share (5:05PM EST).

Source: Hawaiian Airlines


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