Hawaiian Airlines is authorizing a new $100 million stock repurchase program and has revised upward its expectations for the fourth quarter and the year.

The state’s largest carrier said Tuesday the stock buyback will be in effect through Dec. 31, 2019. That is in addition to the current $100 million stock buyback under which the company has repurchased $90.5 million, or 2.27 million shares, year to date.

When a company buys back its shares, it reduces the total number of shares outstanding, which usually increases the value of all remaining shares.

Hawaiian also revised upward its operating revenue per available seat mile for the fourth quarter to a range of up 1.5 percent to up 3.5 percent. That is compared to the estimate provided Oct. 19 of down 1 percent to up 2 percent for the quarter.

Separately, Hawaiian reported that its passenger traffic increased 8.7 percent in November to 945,568 from 869,970 in the year-earlier period. The load factor, or percentage of seats filled, edged up 0.1 percentage points to 85.9 percent from 85.8 percent.

Revenue passenger miles, or one paying passenger transported 1 mile, rose 6.3 percent to 1.33 million from 1.25 million. Available seat miles, or one seat transported 1 mile, gained 6.2 percent to 1.55 million from 1.46 million.

Hawaiian’s stock fell $2.65, or 6.2 percent, to $39.85 on Tuesday. The buyback and revised guidance were announced before the market opened.