Hawaiian Holdings, the parent company of Hawaiian Airlines, reported a mixed financial performance for the first quarter of 2024. Passenger revenue saw a 6.4% increase to $583.4 million compared to the same period in 2023, driven by a 5.9% rise in Revenue Passenger Miles (RPMs) and a 2.7% increase in Available Seat Miles (ASMs). However, the company faced a wider operating loss of $148.6 million, up from a loss of $117.4 million in Q1 2023. The GAAP net loss also expanded to $137.6 million, or $2.65 per diluted share, on total revenue of $645.6 million, compared to a net loss of $98.3 million, or $1.91 per diluted share, on total revenue of $612.6 million in the previous year. Unrestricted cash, cash equivalents, and short-term investments slightly decreased to $897.3 million as of March 31, 2024, from $908.5 million at...Show More

Hawaiian Holdings, the parent company of Hawaiian Airlines, reported a mixed financial performance for the first quarter of 2024. Passenger revenue saw a 6.4% increase to $583.4 million compared to the same period in 2023, driven by a 5.9% rise in Revenue Passenger Miles (RPMs) and a 2.7% increase in Available Seat Miles (ASMs). However, the company faced a wider operating loss of $148.6 million, up from a loss of $117.4 million in Q1 2023. The GAAP net loss also expanded to $137.6 million, or $2.65 per diluted share, on total revenue of $645.6 million, compared to a net loss of $98.3 million, or $1.91 per diluted share, on total revenue of $612.6 million in the previous year. Unrestricted cash, cash equivalents, and short-term investments slightly decreased to $897.3 million as of March 31, 2024, from $908.5 million at the end of 2023. In terms of business development, Hawaiian Holdings has entered into an Air Transportation Services Agreement (ATSA) with Amazon to provide air cargo transportation services, initially operating ten A330-300F aircraft. Operations under the ATSA commenced on October 2, 2023, with expectations to operate six aircraft by the end of 2024. The company also reported the expansion of its fleet, including the delivery of its first Boeing 787-9 aircraft, and plans to increase its fleet size by 2025. Looking ahead, Hawaiian Holdings is in the process of merging with Alaska Air Group, with the merger expected to close within 12 to 18 months from December 2, 2023. The company also anticipates further growth in its Domestic and International routes, despite challenges such as engine shortages and the impact of the COVID-19 pandemic on international travel demand.