Hawaiian Holdings Third Quarter Revenue Down 33% Compared to Pre-Pandemic 2019
* Updated October 26, 11:16 AM
Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, today reported its financial results for the third quarter of 2021, with total revenue of $508.8 million, down 33% compared to the third quarter of 2019, with 21% lower capacity.
The company reported GAAP (Generally Accepted Accounting Principles) net income of $14.7 million, and an adjusted net loss of $48.7 million.
The company reported total operating expenses of $465.4 million, and operating expenses excluding non-recurring items of $543.6 million, down 15% compared to the third quarter of 2019.
The company achieved positive adjusted EBITDA (Earnings before Interest, Taxes and Depreciation) for the first time since the beginning of the COVID-19 pandemic, with EBITDA of $83 million, and adjusted EBITDA of $2.8 million.
“While our third quarter results were affected by the resurgence of COVID-19 cases associated with the Delta variant, momentum had moved in a positive direction by the end of the quarter, and we remain absolutely confident in our long-term prospects as leisure travel recovers globally,” said Peter Ingram, Hawaiian Airlines president and CEO. “Throughout this year of recovery, the outstanding contributions of my colleagues have remained constant, and I am honored to be a part of this resilient team.”
In September 2021, the company resumed scheduled service between Hawaiʻi and American Samoa.
In December 2021, the company will resume service between Hawaiʻi and Sydney, Australia. Effective November 1, 2021, all fully vaccinated Australian citizens will be allowed to travel to and from Sydney, Australia with no quarantine requirements.
In the third quarter of 2021, the company was one of six commercial airlines called to duty as part of the Civil Reserve Air Fleet. The company deployed two widebody aircraft to transport more than 3,000 Afghan refugees from Europe to US military bases on the mainland on 13 flights over six days.
During the third quarter of 2021, the company operated 79% of its 2019 third quarter system capacity, comprised of 114%, 76% and 13% capacity on its North America, Neighbor Island and International routes, respectively.
In August 2021, the company launched operations in the new Mauka Concourse at Daniel K. Inouye International Airport (HNL). The new concourse offers an improved experience for travelers and visitors, the Company’s employees and all other airport users. In addition to helping relieve peak-hour gate congestion at HNL, the concourse’s modern and versatile gates can accommodate both narrow-body and wide-body aircraft, which brings more flexibility and efficiency across the company’s operations.
In October 2021, the company moved to a new terminal (B) at Los Angeles International Airport. The new terminal offers a modern and comfortable facility, featuring more amenities, expanded dining and shopping options and a spacious gate area.
In September 2021, the company introduced its new ‘Travel Pono’ in-flight video, furthering its commitment to educate guests arriving in Hawaiʻi on how to safely and responsibly enjoy the islands.
The company continues its enhanced cleaning procedures and guest-facing protocols to minimize the risk of transmission of COVID-19.
For the Fourth Quarter 2021, the company expects its network to remain largely consistent with the third quarter of 2021, with some incremental recovery of its International network in the latter half of December. The company expects a decline in total revenue compared to the third quarter of 2021, driven by seasonal factors and the impact the Delta variant has had on advance bookings. The company expects an increase in operating expenses, excluding fuel and non-recurring items, compared to the third quarter of 2021, primarily driven by expenses related to capacity readiness.
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