Hawaiian Airlines
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Hawaiian Airlines (HA) investor relations material

Hawaiian Airlines has been acquired by Alaska Air Group Inc

Hawaiian Airlines Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Hawaiian Holdings Inc
Q2 2024 earnings summary30 Jul, 2024

Executive summary

  • Q2 2024 saw steady demand across most routes, with strong late-quarter domestic bookings, ongoing international headwinds—especially from Japan due to currency weakness—and continued investment in fleet modernization, guest experience, and network expansion, including the introduction of Boeing 787-9s and Starlink WiFi rollout.

  • Net loss was $67.6 million ($1.30 per diluted share) on $731.9 million revenue, compared to a $12.3 million net loss ($0.24 per share) on $706.9 million revenue in Q2 2023, driven by higher operating expenses, especially wages, fuel, and maintenance.

  • Raised $400M by financing 10 A321neo aircraft and exchanged $1.2B in loyalty bonds for $985M in new notes due 2029, extending liquidity runway.

  • Regulatory review of merger with Alaska Airlines extended to August 15, 2024; both companies cooperating with the DOJ and remain optimistic about clearance.

  • Operational highlights included full A321neo fleet availability, ramp-up of 787s and A330 freighters, new North America routes, and Starlink Wi-Fi rollout.

Financial highlights

  • Q2 2024 operating revenue was $731.9M, up 3.5% year-over-year on 4.3% higher capacity; six-month revenue was $1.38B, up 4.4% year-over-year.

  • Adjusted EBITDA loss of $21.3M and adjusted loss of $1.37 per share, including a $0.14 negative impact from a lower effective tax rate.

  • Operating loss for Q2 2024 was $55.4M, compared to $9.6M in Q2 2023.

  • Lower fuel costs and deferred heavy maintenance improved CASM-ex performance versus expectations.

  • Ended Q2 with $1.5B in liquidity, including $1.3B in unrestricted cash and investments and a $235M undrawn revolver.

Outlook and guidance

  • Q3 2024 system RASM expected to decline 1.5%–4.5% year-over-year on 5.5%–8.5% capacity growth.

  • Full-year 2024 capacity guidance revised to 4.0%–7.0% growth due to delayed 787 delivery.

  • Full-year CapEx expected at $350M–$400M.

  • CASM-ex guidance improved to up 2% for the year despite lower capacity.

  • Average fuel price per gallon expected at $2.68–$2.80 for the year.

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    Frequently asked questions

    Hawaiian Holdings Inc is the parent company of Hawaiian Airlines, which provides air transportation services primarily between the Hawaiian Islands, the U.S. mainland, and international destinations. The company operates passenger flights, cargo services, and related aviation operations. Its network includes scheduled routes and charter services supported by a fleet tailored for both long-haul and inter-island travel. Hawaiian Holdings Inc is headquartered in Honolulu, Hawaii, and its shares are listed on the NASDAQ.