Published on : Thursday, October 12, 2017
Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., announced today that it will initiate a quarterly cash dividend. The Company’s Board of Directors declared a 12 cents per share dividend to be paid on November 30, 2017 to all shareholders of record as of November 17, 2017.
“Today’s announcement underscores our commitment to building long-term shareholder value,” said Hawaiian Airlines President and CEO Mark Dunkerley. “This dividend program reflects our confidence in the strength of our business, future growth potential, and continued free cash flow generation. Hawaiian’s strong financial results have allowed us to grow the business profitably while strengthening our balance sheet. The decision to initiate a quarterly dividend is the natural next step to increase returns to our shareholders.”
Over the last several years, Hawaiian has steadily grown and diversified revenue while improving earnings and generating free cash flow, which was used to invest in the business and pay down debt. The dividend will be in addition to the $100 million share repurchase program announced in April 2017. As of the end of the third quarter 2017, Hawaiian has repurchased approximately $50.5 million in shares. Since 2015, Hawaiian has returned more than $218 million to investors while simultaneously paying down debt and cutting its leverage ratio from 4.2 in 2014 to 1.9 as of June 2017.
“We are fundamentally a stronger company today than we were just a few years ago,” said Executive Vice President and Chief Financial Officer Shannon Okinaka. “Today’s announcement is part of our disciplined approach to capital deployment that will balance continued investment in our business with a sustained return to shareholders.”
Mark Dunkerley, President and Chief Executive Officer, and Shannon Okinaka, Executive Vice President and Chief Financial Officer, will host a special investor update presentation at 10:30am Hawaii time / 4:30pm Eastern time today to discuss this announcement. The webcast will be open to all interested investors through the Investor Relations section of Hawaiian’s website at HawaiianAirlines.com. For those who are not able to listen to the live webcast, a copy of the presentation materials will be available on Hawaiian’s website.