Hawaiian Holdings Reports Second Quarter Adjusted Net Loss of $74 Million, Net Loss of $6.2 Million
Hawaiian Airlines has reported a second quarter 2021 adjusted net loss of $73.8 million and a net loss, including government payroll and benefit support, of $6.2 million or ($0.12) per diluted share. The company closed the second quarter with $2.4 billion in liquidity.
On Tuesday (July 27, 2021), Hawaiian Holdings, Inc. (NASDAQ: HA), the parent company of Hawaiian Airlines, reported their second quarter financial results for the period ending June 30, 2021. The carrier reported and adjusted net loss of $73.8 million, excluding certain items, and a net loss of $6.2 million or ($0.12) per diluted share on a 42 percent year-over-two decline in revenue of 42 percent to $411 million. As of June 30, 2021, the company had $2.2 billion in unrestricted cash, cash equivalents and short-term investments, as well as $235 million in undrawn funds on their revolving credit facility, for total liquidity of approximately $2.4 billion.
In Tuesday’s announcement, Hawaiian Airlines’ President and CEO, Peter Ingram, said,
“We made meaningful strides toward recovery during the second quarter, propelled by continued strong demand on our U.S. mainland routes. It is encouraging to see how far we've come and I am optimistic about our continued recovery. My immense appreciation goes out to our team, who continues to embrace our purpose, in spite of the challenges facing them.”
At the close of the second quarter, the company had outstanding debt and lease obligations of $2.2 billion, up $22 million from March 31st, and an air traffic liability of $823 million, up $136 million from the end of the first quarter of 2021. During Q2, Hawaiian Airlines received $173.4 million in grants and $31.4 million in loans under the U.S. Cares Act Payroll Support Program extension (PSP3).
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 more nonstop connectivity between Hawaiʻi and the U.S. mainland than any other airline, serving 16 gateways including Los Angeles, Long Beach, Oakland, Portland, San Diego, Seattle, San Francisco, San Jose and Sacramento. Additionally, the carrier connects the islands with Japan, South Korea, Australia, American Samoa and Tahiti. Due to the ongoing global COVID-19 pandemic, the airline has temporarily suspended service to Australia, New Zealand and American Samoa.
In after-hours trading Tuesday evening (July 27, 2021), shares in Hawaiian Holdings, Inc. (NASDAQ: HA) were down 0.29% at $20.30/share (5:37 PM EDT).
Source: Hawaiian Airlines