Hawaiian Holdings Reports Second Quarter 2023 Net Loss of $12.3 Million or $0.24 per Diluted Share
Hawaiian Airlines has reported a second quarter 2023 net loss of $12.3 million or ($0.24) per diluted share on a 2.2 percent year-over-year increase in revenue to $707 million. At June 30, 2023, the company had liquidity totaling $1.6 billion.
On Tuesday (July 25, 2023), Hawaiian Holdings reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net loss of $12.3 million or ($0.24) per diluted share on a year-over-year increase in revenue of 2.2 percent to $707 million. Hawaiian’s second quarter revenue per available seat mile (RASM) declined 8.0 percent versus Q2 2022 to 14.10 cents, while cost per available seat mile (CASM) decreased 10.1 percent to 14.29 cents. Costs excluding fuel and non-recurring items (CASM-ex) increased year-over-year by 1.9 percent to 11.08 cents. At June 30, 2023, Hawaiian Holdings had cash, cash equivalents and short-term investments totaling $1.3 billion, plus an undrawn revolving credit facility of $235 million, and outstanding debt and finance lease obligations of $1.7 billion.
In Tuesday’s announcement, Hawaiian Airlines’ President & CEO, Peter Ingram, said,
“I want to thank our team members who have been taking care of our guests in a dynamic operating environment. Demand remains strong throughout our network, and we have recently seen a significant increase in bookings by travelers in Japan, an important geography that has trailed in the recovery of the overall market. Against the backdrop of improving operations and robust demand, I am excited about the major initiatives we're on track to deliver in the second half of the year.”
During the second quarter, Hawaiian Airlines completed the transition of Airbus A330 maintenance from a vendor-managed services agreement to internal resources. On April 28, 2023, the carrier also resumed service between Honolulu and Fukuoka with three weekly flights. Hawaiian also introduced weekly service to Rarotonga on May 20th, connecting 15 U.S. mainland gateways with the Cook islands. Additionally, during Q2, the airline unveiled their Boeing 787 Dreamliner interior cabin design and a new Business Class product, the Leihōkū suites. The 34 new business seats feature flat beds, privacy doors and shared double suites, and are expected to enter service in 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).
In trading Wednesday morning (July 26, 2023), shares in Hawaiian Holdings, Inc. (NASDAQ) HA) were up 0.4% to $10.76/share (10:33 AM EDT).
Source: Hawaiian Airlines