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  • Joe Breitfeller

Hawaiian Airlines Reports Third Quarter Adjusted Net Loss of $49 Million on Revenue of $509 Million

Hawaiian Airlines has reported a third quarter adjusted net loss of $48.7 million or ($0.95) per diluted share on a year-over-two decline in revenue of 33 percent to $508.8 million. The carrier’s GAAP net income, including special items was $14.7 million or $0.28 per share.

Hawaiian Airlines Airbus A330 - Courtesy Hawaiian Airlines

On Tuesday (October 26, 2021), Hawaiian Holdings, Inc. reported their third quarter 2021 financial results for the period ending September 30, 2021. Excluding special items, primarily payroll and benefit support under the third extension of the U.S. Cares Act (PSP3), the carrier reported an adjusted net loss of $49.7 million or ($0.95) per diluted share and a year-over-two decline in revenue of 33 percent to $508.8 million. With special items included, Hawaiian reported a third quarter GAAP net income of $14.7 million or $0.28 per diluted share. At September 30, 2021, the company had cash, cash equivalents and short-term investments of $2.0 billion, down $187 million from the close of Q2 2022.

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

“While our third quarter results were affected by the resurgence of COVID-19 cases associated with the Delta variant, momentum had moved in a positive direction by the end of the quarter, and we remain absolutely confident in our long-term prospects as leisure travel recovers globally. Throughout this year of recovery, the outstanding contributions of my colleagues have remained constant, and I am honored to be a part of this resilient team.”

Hawaiian Airlines' Key Third Quarter 2021 Financial Metrics - Courtesy Hawaiian Airlines

Hawaiian Airlines reported total operating expenses for the third quarter of $465.4 million, and operating expenses excluding non-recurring items of $543.6 million, down 15 percent versus Q3 2019 on 21 percent lower capacity. The company ended the third quarter with debt and finance lease obligations of $2.1 billion, down $63 million from June 30, 2021, and Hawaiian’s air traffic liability was $721 million, a decrease of $102 million compared to the end of the second quarter. The company also commenced a cash tender offer for all of their 7.375% Series 2020-1A pass through certificates due 2027, and 11.250% Series 2020-1B pass through certificates due 2025. The tender offer will expire on November 1st, with settlement expected on November 4, 2021.

During the third quarter, the company operated 79 percent of their system capacity compared to the third quarter of 2019, including 114 percent to North America, 76 percent of Neighbor Islands, and 13 percent of international capacity. In September 2021, Hawaiian resumed service to American Samoa, and will restart flights between Hawai’i and Sydney in December 2021. In August 2021, Hawaiian Airlines extended leases for two Airbus A330-200s.

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 carrier has been in business for 92 years and is Hawaiʻi’s largest and longest-serving airline. Hawaiian Airlines offers approximately 130 flights within the Hawaiian Islands and daily nonstop service to 16 mainland gateways. Additionally, the carrier connects the islands with Japan, South Korea, Australia, New Zealand, American Samoa and Tahiti. Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA).

In After hours trading on Tuesday (October 26, 2021), shares in Hawaiian Airlines Holdings, Inc. (NASDAQ: HA) were 2.77% lower at $20.00/share.

Source: Hawaiian Airlines

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