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Joe Breitfeller

Hawaiian Holdings Reports Second Quarter 2024 Net Loss of $67.6 Million or $1.30 per Diluted Share

Hawaiian Holdings has reported a second quarter 2024 net loss of  $67.6 million or ($1.30) per diluted share on a 3.5 percent increase in revenue to $732 million.  At June 30, 2024, the company had liquidity totaling $1.5 billion, including an undrawn $235 million credit facility.


On Tuesday (July 30, 2024), Hawaiian Holdings, Inc. reported their second quarter financial results for the period ending June 30, 2024.  The carrier reported a second quarter net loss of $67.6 million or ($1.30) per diluted share on a 3.5 percent year-over-year increase in revenue to $732 million.  For Q2 2024, Hawaiian’s revenue per available seat mile (RASM) declined 0.8 percent versus the same period last year to 13.99 cents, while cost per available seat mile (CASM) increased 5.3 percent to 15.05 cents.  At the close of the second quarter, the company had cash, cash equivalents, and short-term investments of $1.3 billion, as well as an undrawn revolving credit facility of $235 million.


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


“This quarter we delivered on important investments in the future of our company, including flying the first two Boeing 787-9’s in our fleet, rolling out free, high-speed Starlink Wi-Fi across our long-haul narrow body fleet, and adding three new routes to our North America network.  While delivering on those initiatives and prioritizing our return to industry-leading levels of operational performance, we continue to pursue regulatory clearance to complete our combination with Alaska Airlines.  I’m grateful to our team for taking on such ambitious challenges and continuing to provide exemplary service to our guests.”


Hawaiian Airlines and Alaska Airlines previously entered into an agreement with the U.S. Department of Justice (DOJ) in which they agreed not to consummate the merger before 90 days following the date on which both carriers have certified substantial compliance with the DOJ’s Second Request for additional information.  On May 7, 2024, both airlines certified substantial compliance with the Second Request which triggered the 90-day review period.  On July 29, 2024, Hawaiian and Alaska agreed to extend the review period from August 5th to August 15, 2024.    


During the second quarter, Hawaiian Airlines entered a Partnership with Air France Industries KLM Engineering and Maintenance who will be the provide component support for the carrier’s 787-9 Dreamliners.  New direct routes established in the quarter include Salt Lake City (SLC) to Honolulu (HNL), as well as between Sacramento (SMF) and both Kona (KOA) and Lihu’e (LIH).  During the period, Hawaiian also took delivery of their third Airbus A330-300 Freighter from Amazon, which entered service in June 2024.


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



 

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