Hawaiian Airlines Reports Third Quarter 2023 Net Loss of $48.7 Million or $0.94 per Diluted Share
Hawaiian Holdings has reports a third quarter net loss of $48.7 million or ($0.94) per diluted share on a year-over-year decline in revenue of 1.8 percent to $728 million. At September 30, 2023, the carrier had liquidity totaling $1.39 billion.
On Tuesday (October 24, 2023), Hawaiian Holdings, Inc. reported their third quarter financial results for the period ending September 30, 2023. The carrier reported a third quarter net loss of $48.7 million or ($0.94) per diluted share on a 1.8 percent year-over-year decline in revenue to $728 million. Hawaiian’s revenue per available seat mile (RASM) declined 5.7 percent versus the same period last year to 14.08 cents, while cost per available seat mile (CASM) increased 0.9 percent to 15.14 cents. At September 30, 2023, the company had $1.39 billion in total liquidity, including cash, cash equivalents and short-term investments of $1.13 billion and an undrawn revolving credit facility of $235 million. Hawaiian Holdings ended the third quarter with outstanding debt and finance lease obligations of $1.65 billion.
In Tuesday’s announcement, Hawaiian Airlines’ President and CEO, Peter Ingram, said,
“I am immensely proud of our team's continued focus on moving our company forward, particularly in a quarter affected by the tragic wildfires in Maui. Underlying demand remains resilient, our brand and business model are core strengths and the major investments we are making now will create substantial value in 2024 and beyond.”
Hawaiian Airlines’ third quarter financial results were impacted by the devastating wildfires in Lahaina in West Maui on August 8th resulting in a sharp decrease in traffic to Maui. The carrier’s Q3 schedule was also negatively impacted by the July 25th announcement from Pratt & Whitney’s parent company, RTX, of anticipated accelerated removal of a significant portion of the PW1100-JM engine fleet, which powers Hawaiian’s Airbus A321neos. The unanticipated time out of service resulted in lower than expected capacity growth in the quarter.
Hawaiian commenced operations of their Airbus A330-300F contract freighter business on October 2, 2023. The carrier will also resume service between Tokyo Haneda and Kona on October 29th. On September 6th, Hawaiian open ticket sales for flights on the Boeing 787-9 Dreamliner, which will enter service on select West Coast routes on April 15, 2024.
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 94 years and is Hawaiʻi’s largest and longest-serving airline. Hawaiian Airlines offers approximately 150 daily flights within the Hawaiian Islands and daily nonstop service to 15 U.S. mainland gateways. Additionally, the carrier connects Honolulu with American Samoa, Japan, Australia, New Zealand, South Korea, Tahiti, and the Cook Islands. Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA).
Source: Hawaiian Airlines