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Hawaiian Holdings Reports Fourth Quarter Net Loss of $50.2 Million or $0.98 per Diluted Share

Hawaiian Airlines has reported a fourth quarter net loss of $50.2 million or ($0.98) per diluted share on a 3.2 percent increase in revenue versus Q4 2019 to $731 million. For the full year, the carrier reported a net loss of $240.1 million or ($4.67) per diluted share.

Hawaiian Airlines Airbus A321neo - Courtesy Hawaiian Airlines

On Tuesday (January 31, 2023), Hawaiian Holdings, parent company of Hawaiian Airlines, reported their fourth quarter and full year financial results for the period ending December 31, 2022. The carrier reported a fourth quarter net loss of $50.2 million or ($0.98) per diluted share on a 3.2 percent increase in revenue versus Q4 2019 to $731 million. For the full year, Hawaiian reported a net loss of $240.1 million or ($4.67) per diluted share on a year-over-three decrease in revenue of 6.7 percent to $2.64 billion. At December 31, 2022, Hawaiian Holdings had unrestricted cash, cash equivalents and short-term investments totaling $1.4 billion, outstanding debt and finance lease obligations of $1.7 billion, and an air traffic liability of $590.8 million. Including an undrawn revolving credit facility of $235 million, the company closed the year with total liquidity of $1.6 billion.

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

“A heartfelt mahalo to our team as they tirelessly worked through a year in which we had multiple projects in motion that make us a stronger, better airline. I am incredibly proud of what our team members do to care for our company, our guests and each other. We saw continued strong demand in our domestic markets and recovery in our international markets illustrating that Hawaiʻi is a top destination and we are the carrier of choice. I am excited to see what we can accomplish in 2023 as we continue to build a solid foundation for our future.”

Hawaiian Airlines’ fourth quarter revenue per available seat mile (RASM) increased year-over-three by 9.9 percent to 14.80 cents, while cost per available seat mile (CASM) increase 27.1 percent compared to Q4 2019 to 15.46 cents. Costs excluding fuel and non-recurring items increased 14.2 percent versus the same period in 2019 to 10.89 cents.

During 2022, Hawaiian resumed service from Honolulu to Auckland and Tokyo-Haneda. The carrier also signed an agreement with Amazon to operate and maintain an initial fleet of 10 Airbus A330-300 Freighters to move cargo from fall 2023. Hawaiian Airlines also announced new direct service between Honolulu and Rarotonga, Cook Islands from May 2023, allowing one-stop connections via Honolulu to and from the airline’s 15 U.S. Mainland gateway cities. In 2022, the carrier also established a new interline agreement with Mokulele Airlines. Hawaiian also entered into an agreement with Boeing for the purchase of two additional 787-9s, expanding their Dreamliner order book to 12 airplanes.

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 130 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 (from May 20, 2023). Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA).

In trading Wednesday morning (February 1, 2023), shares in Hawaiian Holdings, Inc. (NASDAQ: HA) were 13.88% lower at $10.61/share (9:55 AM EST).

Source: Hawaiian Airlines


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