JAMM AQUINO / 2022
A Hawaiian Airlines A330-200 aircraft takes off at Daniel K. Inouye International Airport.
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Hawaiian Holdings Inc., parent company of Hawaiian Airlines, on Tuesday reported a $12.33 million loss in the second quarter but still surpassed Wall Street expectations, as strengthening from Japan added to robust leisure travel demand.
The Honolulu-based company said it had a loss of 24 cents per share during the second quarter. Losses, adjusted for nonrecurring costs, came to 47 cents per share.
The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 55 cents per share. Hawaiian Holdings posted revenue of $706.9 million in the three-month period from January through March, which also beat Wall Street forecasts. Three analysts surveyed by Zacks expected revenue of $705 million.
Hawaiian Airlines President and CEO Peter Ingram said during a Tuesday earnings call that revenue performance from the mainland to Hawaii showed strength as it has for the past several quarters. Ingram said “there is no evidence of a slowdown or other signs of a looming recession in our demand indicators.”
He added that Australia, New Zealand and South Korea routes also showed solid second-quarter demand, and said that “since early May, Japan outbound demand has accelerated meaningfully for the first time since the onset of the pandemic.”
Ingram said Hawaiian’s neighbor island network continues to “outperform Southwest (Airlines) on load factor, unit revenue and customer preference in an environment that remains challenging in terms of fares and supply.”
SECOND-QUARTER LOSS
$12.33 million
YEAR-EARLIER LOSS
$47.37 million
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The Associated Press contributed to this report.
