Hawaiian Holdings, Inc. (NASDAQ: HA), the parent company of Hawaiian Airlines, released its financial results for the first quarter of 2024.
Overall, the carrier reported a narrower than anticipated loss of $137.6 million set against surging costs. The first quarter saw costs rise by approximately 8% year-on-year.
The report emphasizes the airline’s commitment to operational excellence and guest experience while detailing ongoing investments. The carrier cites the induction of new widebody aircraft and new freighter operation as the path to profitability.
“We’re grateful to our team for their unwavering focus on delivering exceptional service to our guests,” said Hawaiian Airlines President and CEO Peter Ingram.
“The first quarter represents a solid start to 2024. It builds upon significant investments like Starlink high-speed Wi-Fi and the arrival of our first Boeing 787 Dreamliner.”
Financial Highlights
Overall, the reported loss of $137.6 million comes in as narrower than predicted by market analysts.
It’s important to note that the reported first-quarter loss per share includes a non-cash adjustment of ($0.32). This is due to a decrease in the company’s effective tax rate.
This change stems from federal and state net operating losses (NOLs) generated by the company.
These NOLs, totaling approximately $451 million and $969 million for federal and state respectively as of March 31, 2024. This will be used to reduce future tax obligations.
Standard accounting practices (GAAP) require an adjustment in such situations, leading to a lower reported tax benefit for the quarter.
The Table belows sets out detailed financial information for Q1 2024:
Positive Developments Across the Network
Merger Update:
Shareholders approved the proposed merger with Alaska Air Group, Inc. A timing agreement with the Department of Justice (DOJ) establishes a 90-day waiting period.
This follows complete fulfillment of the DOJ’s information requests before the merger can be finalized.
Expanded Routes and Network:
- The Boeing 787-9 Dreamliner began revenue service on April 15, 2024.
- The airline announced new flights from Salt Lake City (SLC) to Honolulu (HNL) and Sacramento (SMF) to Lihue (LIH) and Kona (KOA).
- Increased summer service was announced between HNL and Austin (AUS), Boston (BOS), Las Vegas (LAS), and Pago Pago (PPG).
- A fourth daily flight between HNL and Los Angeles (LAX) will operate from May 24 through September 2.
Enhanced Guest Experience:
- Free Starlink in-flight Wi-Fi is now available on all 18 A321neo aircraft.
- The carrier expanded its Premium Airport Service at the Honolulu hub. This offers a seamless curb-to-aircraft experience with access to the new private suite, Apt. 1929.
- A multi-year distribution agreement with Sabre ensures long-term access to Hawaiian Airlines’ HA Connect™ NDC and traditional EDIFACT content for Sabre-connected travel agencies.
About Hawaiian Airlines
Now in its 95th year of continuous service, Hawaiian is Hawaiʻi’s biggest and longest-serving airline. Hawaiian offers approximately 150 daily flights within the Hawaiian Islands, and nonstop flights between Hawaiʻi and 15 U.S. gateway cities.
This is more than any other airline, as well as services connecting Honolulu and American Samoa, Australia, Cook Islands, Japan, New Zealand, South Korea and Tahiti.
Consumer surveys by Condé Nast Traveler and TripAdvisor have placed Hawaiian among the top of all domestic airlines serving Hawaiʻi.
The carrier was named Hawaiʻi’s best employer by Forbes in 2022 and has topped Travel + Leisure’s World’s Best list as the No. 1 U.S. airline for the past two years.
Hawaiian has also led all U.S. carriers in on-time performance for 18 consecutive years (2004-2021) as reported by the U.S. Department of Transportation.
Click the banner to subscribe to our weekly newsleter.
Click the photo to join our WhatsApp channel so then you can stay up to date with everything going on in the aviation industry!
