Hawaiian Holdings has reported a fourth quarter 2023 net loss of $101.2 million or ($1.96) per diluted share on a year-over-year decline in revenue of 8.5 percent to $669 million. For the full year, the carrier reported a net loss of $260.5 million or ($5.05) per diluted share.
On Tuesday (January 30, 2023), Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, reported their fourth quarter and full year financial results for the period ending December 31, 2023. The carrier reported a fourth quarter net loss of $101.2 million or ($1.96) per diluted share on a year-over-year decline in revenue of 8.5 percent to $669 million. For the full year 2023, Hawaiian reported a net loss of $260.5 million or ($5.05) per diluted share on a 2.8 percent increase in revenue versus FY2022 to $2.7 billion. At December 31, 2023, Hawaiian Holdings had unrestricted cash, cash equivalents and short-term investments totaling $908.5 million and an undrawn revolving credit facility of $235 million, for total liquidity of $1.1 billion. The company ended 2023 with debt and finance lease obligations of $1.7 billion.
In Tuesday’s announcement, Hawaiian Airlines’ President and CEO, Peter Ingram, said,
“I am grateful to our team who accomplished an extraordinary amount, including realizing foundational investments during a challenging year. Demand is solid across our networks, our brand remains strong in Japan as the market recovers, and we have seen steady improvement in travel to Maui. We expect the combination with Alaska will create an even more competitive combined airline, positioning the Hawaiian Airlines brand to flourish in the years ahead.”
Hawaiian Airlines’ fourth quarter 2023 revenue per available seat mile (RASM) declined 11.4 percent compared to Q4 2022 to 13.11 cents, while costs per available seat mile (CASM) decreased 1.0 percent to 15.30 cents. Costs excluding fuel and other non-recurring items (CASM-ex) increased year-over-year by 8.1 percent to 11.77 cents. For the full year 2023, the carrier’s RASM declined 5.0 percent to 13.44 cents, while CASM decreased 2.4 percent to 14.90 cents and CASM-ex increased 4.7 percent to 11.29 cents.
During the fourth quarter, Hawaiian launched ticket sales between Salt Lake City and Honolulu, which will start on May 15, 2024. The carrier also announced the expansion of service in Sacramento with four weekly flights to Līhuʻe, Kauaʻi starting May 24, 2024, and three weekly flights to Kona on the Island of Hawaiʻi from May 25, 2024.
On December 3, 2023, Alaska Air Group and Hawaiian Holdings announced that they had entered into a definitive merger agreement under which Alaska would acquire Hawaiian for $18.00/share in cash, for a transaction value of approximately $1.9 billion, including $900 million of Hawaiian’s net debt. The transaction is subject to regulatory approval, and is expected to close within 12-18 months from the announcement date.
Hawaiian® Airlines, Hawai’i’s hometown airline, has been the number one U.S. carrier for on-time performance for the past 18 years (2004-2021). The carrier has been in business for 95 years and is Hawaiʻi’s largest and longest-serving airline. Hawaiian Airlines offers approximately 150 daily flights within the Hawaiian Islands and daily nonstop service to 16 U.S. mainland gateways. Additionally, the carrier connects Honolulu with American Samoa, Japan, Australia, New Zealand, South Korea, Tahiti, and the Cook Islands. Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA).
Source: Hawaiian Airlines