Hawaiian Airlines posts strong quarter

HONOLULU — Hawaiian Holdings Inc. on Tuesday reported second-quarter profits of $79.5 million.

The Honolulu-based company said it had net income of $1.56 per share.

Earnings, adjusted for non-recurring gains, were $1.44 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The parent company of Hawaiian Airlines posted revenue of $715.4 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $717.8 million.

Hawaiian Holdings shares have decreased roughly 9 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.35, a fall of 19 percent in the last 12 months.

“Our second quarter performance reflects our continued position as the carrier of choice for Hawaii,” said Peter Ingram, Hawaiian Airlines president and CEO. “The Hawaiian team showed their mettle yet again, producing solid financial and operational results in a quarter marked by rising fuel prices, elevated industry capacity, and headline- grabbing volcanic activity on the Big Island of Hawaii. We generated more revenue and carried more guests than in any second quarter in our history by executing our plan and running a safe and reliable airline. I couldn’t be more proud of my colleagues.”

The company returned $8.6 million to shareholders in the second quarter through $6.1 million in dividends and $2.5 million in share repurchases.

On July 20, the Company’s Board of Directors declared a quarterly cash dividend of 12 cents per share to be paid on Aug. 31.

Second Quarter 2018 highlights:

w Carried more than 3 million guests across its network, a record for the second quarter.

w Expanded its routes to Southern California with the launch of new daily nonstop service between Long Beach Airport and Honolulu’s Daniel K. Inouye International Airport.

w Announced expanded service to Northern California with new daily non-stop flights between Sacramento International Airport and Maui’s Kahului Airport beginning April 2019.


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