Hawaiian Holdings Reports 2017 First Quarter Financial Results

Published on : Friday, April 21, 2017

Hawaiian AirlinesHawaiian Holdings, (“Holdings” or the “Company”), parent company of Hawaiian Airlines,  (“Hawaiian”), today reported its financial results for the first quarter of 2017.

 

First Quarter 2017 – Key Financial Metrics

GAAP

YoY Change

Adjusted

YoY Change

Net Income

$36.9M

($14.6M)

$56.0M

+$12.9M

Diluted EPS

$0.68

($0.27)

$1.04

+$0.24

Pre-tax Margin

8.4%

(6.7) pts.

13.3%

+0.7 pts.

 

 

“The year has started extremely well,” said Mark Dunkerley, Hawaiian Airlines president and CEO. “Strong demand coupled with benign industry capacity growth in our geographies have given us a robust operating environment sufficient to more than offset the impact of the rising price of fuel. Beyond the financial numbers, the company continues to perform well thanks to the hard work of my 6,500 colleagues. We are looking forward to the months ahead.”

 

 

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

 

 

The first quarter results include the adoption of a new accounting standard which positively impacted the tax expense, resulting in a 10 cent increase to GAAP and adjusted EPS.

 

 

Liquidity and Capital Resources

As of March 31, 2017, the Company had:

 

 

The Company also replenished its share repurchase authorization to $100 million while concurrently extending the program through May 2019.

 

 

First Quarter 2017 Highlights

People

Operational

 

 

New routes

 

 

Product and loyalty

 

 

Second Quarter and Full Year 2017 Outlook

The table below summarizes the Company’s expectations for the second quarter ending June 30, 2017 and full year ending December 31, 2017, expressed as an expected percentage change compared to the results for the quarter ended June 30, 2016 and full year ended December 31, 2016, as applicable.

 

 

The Company is raising its guidance range for available seat miles (ASMs) and gallons of jet fuel to be consumed for the full year ending December 31, 2017 due to planned increases in flying and higher than expected payload increases from cargo and passengers.

 

 

Item

Second Quarter
2017 Guidance

GAAP Equivalent

Second Quarter
2017 Guidance

Cost per ASM Excluding Fuel (a)

Up 4.5% to up 7.5%

Cost per ASM (a)

Up 8% to up 11%

Operating Revenue Per ASM

Up 5.5% to up 8.5%

ASMs

Up 3% to up 5%

Gallons of jet fuel consumed

Up 6.5% to up 8.5%

Economic fuel cost per gallon (b)(c)

$1.65 to $1.75

Fuel cost per gallon (b)

$1.65 to $1.75

Item

Full Year
2017 Guidance

GAAP Equivalent

Full Year
2017 Guidance

Cost per ASM Excluding Fuel and Special Items (a)

Up in mid-single digit
range

Cost per ASM (a)

Up in high single digit
range

ASMs

Up 2% to up 5%

Gallons of jet fuel consumed

Up 4.5% to up 7.5%

Economic fuel cost per gallon (b)(c)

$1.75 to $1.85

Fuel cost per gallon (b)

$1.77 to $1.87

(a)

See Table 4 for a reconciliation of operating expenses to operating expenses excluding aircraft fuel.

(b)

Economic fuel cost per gallon estimates are based on the April 10, 2017 fuel forward curve.

(c)

See Table 3 for a reconciliation of GAAP fuel costs to economic fuel costs.

 

 

Source:- Hawaiian Airlines

 

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