APRIL 20TH, 2017
Hawaiian Holdings Reports 2017 First Quarter Financial Results
HONOLULU, April 20, 2017 /PRNewswire/ — Hawaiian Holdings, Inc. (NASDAQ: HA) (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the first quarter of 2017.
“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:
Unrestricted cash, cash equivalents and short-term investments of $740 million.
Outstanding debt and capital lease obligations of $536 million.
The Company also replenished its share repurchase authorization to $100 million while concurrently extending the program through May 2019.
First Quarter 2017 Highlights
Ratified a 63-month contract with its pilots represented by the Airline Pilots Association (ALPA).
Electively contributed approximately $6 million to further reduce its pension obligations.
Ranked #1 nationally for on-time performance for the month of January 2017 as reported in the U.S. Department of Transportation Air Travel Consumer Report.
Named “Airline of the Year” for 2016 by Incheon International Airport.
Expanded in-house pilot training capabilities with the addition of a new A321neo simulator.
Launched daily round trip flights from Maui’s Kapalua Airport (JHM) to Honolulu International Airport (HNL) and Kahului Airport (OGG).
Launched daily round trip flights from Kaua’i’s Lîhu’e Airport (LIH) to Kona International Airport (KOA).
Product and loyalty
Continued remodeling of its A330 fleet with the addition of lie flat premium seats and expanded Extra Comfort capacity.
Unveiled innovative A321neo cabin design elevating island hospitality and preeminent premium leisure experience.
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.