Hawaiian Holdings Reports 2016 Second Quarter Financial Results

Published on : Tuesday, August 23, 2016

122759_hawaiian_airlines Hawaiian Holdings, Inc. (NASDAQ: HA) (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the second quarter of 2016.

 

Second Quarter 2016 – Key Financial Metrics

GAAP

YoY Change

Adjusted

YoY Change

Net Income

$79.6M

+$30.7M

$65.2M

+$27.7M

Diluted EPS

$1.48

+$0.69

$1.21

+$0.60

Pre-tax Margin

21.6%

+7.7 pts.

17.7%

+7 pts.

 

“These outstanding second quarter results distinguish us from the rest of the industry and reinforce our confidence in 2016,” said Mark Dunkerley, Hawaiian Airlines president and CEO. “Robust demand for a Hawai’i vacation, moderate industry capacity through the majority of our network, lower fuel costs, and our commitment to operational excellence drove the record-breaking second quarter results.  My thanks go to all of Hawaiian’s employees who contributed to our terrific financial and operational performance.”

 

Statistical data, as well as a reconciliation of the adjusted non-GAAP financial measures to the equivalent GAAP financial measures, can be found in the accompanying tables.

 

Liquidity and Capital Resources

As of June 30, 2016 the Company had:

 

The Company early retired $89 million of existing debt in the second quarter and contributed $11 million to its pension plans doubling the minimum funding requirement for 2016.

 

In addition, the Company repurchased 208,660 common shares for approximately $8 million in the second quarter.

 

Second Quarter 2016 Highlights

Operational

 

New routes and increased frequencies

 

Product and loyalty

 

Fleet and financing

Third Quarter and Full Year 2016 Outlook

The table below summarizes the Company’s expectations for the third quarter endingSeptember 30, 2016 and full year ending December 31, 2016, expressed as an expected percentage change compared to the results for the quarter ended September 30, 2015 and full year ended December 31, 2015, as applicable (the historical results for which are presented for reference).

 

Third Quarter

Item

2015

Third Quarter 2016 Guidance

Cost per ASM Excluding Fuel (cents)(a)

7.97

Up 2% to up 5%

Operating Revenue Per ASM (cents)

13.55

Down 1% to up 2%

ASMs (millions)

4,663.2

Up 4.5% to up 6.5%

Gallons of jet fuel consumed (millions)

61.2

Up 4% to 6%

Economic fuel cost per gallon (a)(b)

$

1.95

$1.50 to $1.60

Full Year

Item

2015

Full Year 2016 Guidance

Cost per ASM Excluding Fuel (cents)(a)

8.31

Up 2.5% to up 4.5%

ASMs (millions)

17,726.3

Up 3% to up 5%

Gallons of jet fuel consumed (millions)

234.2

Up 2.5% to up 4.5%

Economic fuel cost per gallon (a)(b)

$

2.04

$1.50 to $1.60

(a)

The Company does not reconcile these forward looking non-GAAP financial measures because fuel derivative settlements will not be known until the end of the period and could be significant.

(b)

Economic fuel cost per gallon estimates are based on the July 12, 2016 fuel forward curve.

 

 

Source:- Hawaiian Airlines

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