Hawaiian Holdings has reported a first quarter 2024 net loss of $137.6 million or ($2.65) per diluted share on a year-over-year increase in revenue of 5.4 percent to $645.6 million. The carrier ended the first quarter with total liquidity of $1.15 billion.
On Tuesday (April 23, 2024), Hawaiian Holdings, the parent company of Hawaiian Airlines, reported their first quarter financial results for the period ending March 31, 2024. The carrier reported a first quarter net loss of $137.6 million or ($2.65) per diluted share on a year-over-year increase in revenue of 5.4 percent to $645.6 million. Hawaiian’s Q1 revenue per available seat mile (RASM) increased 2.6 percent compared to the same period last year to 12.78 cents, while cost per available seat mile (CASM) increased by 5.9 percent to 15.72 cents. At March 31, 2024, the company has unrestricted cash, cash equivalents and short-term investments of $897 million, plus an undrawn revolving credit facility of $235 million. Hawaiian Holdings’ ended the period with total outstanding debt and finance lease obligations totaling $1.75 billion.
In Tuesday’s announcement, Hawaiian Airlines President and CEO, Peter Ingram, said,
“Mahalo to our team for remaining focused on delivering strong operational performance and unparalleled guest experience. 2024 is off to a positive start as we work to start realizing the return on significant investments we've made in our business, including rolling out high-speed Starlink Wi-Fi and taking delivery of our first Boeing 787.”
During the first quarter, Hawaiian’s shareholders voted in favor of the company’s merger with Alaska Airlines. The carrier also began Boeing 787-9 Dreamliner passenger revenue service on April 15, 2024. Additionally, Hawaiian announced several new routes during the period, including new service from Salt Lake City (SLC) to Honolulu (HNL), as well as from Sacramento (SMF) to Lihuʻe (LIH) and Kona (KOA).
The airline will also increase summer 2024 frequencies between Honolulu and Austin (AUS), Boston (BOS), Las Vegas (LAS) and Pago Pago (PPG). Additionally, starting May 24, 2024, Hawaiian will add a fourth daily flight between HNL and Los Angeles (LAX), which will operate through September 2, 2024. The carrier also received their second A330-300 Freighter from Amazon, which will operate between New York-JFK and San Bernardino (SBD).
Hawaiian® Airlines, Hawai’i’s hometown airline, has been in business for 95 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 16 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