Highlights From Hawaiian Airlines 2024 First Quarter Results

Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, has announced its financial results for the first quarter of 2024. And while the company reported a net loss in the first three months of the year, the results were marginally better than previously projected.

Net loss of $137.6 million

Hawaiian Airlines has announced that it has reported a net loss of $137.6 million in the first quarter of 2024. This was, however, slightly better than the expected loss of $139.2 million. The airline generated revenue of $645.57 million, again better than the previous projection of $629.18 million and an operating loss of $148.65 million. Hawaiian Airlines President and CEO Peter Ingram was still upbeat about the results, commenting,

“Mahalo to our team for remaining focused on delivering strong operational performance and unparalleled guest experience. 2024 is off to a positive start as we work to start realizing the return on significant investments we’ve made in our business, including rolling out high-speed Starlink WIFI and taking delivery of our first Boeing 787.”

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In terms of unrestricted cash, cash equivalents, and short-term investments, the company had $897 million as of March 31. It also reported liquidity for the same period of $1.15 billion, including an undrawn revolving credit facility of $235 million. Hawaiian’s total outstanding debt and finance lease obligations were $1.75 billion in Q1.

First quarter highlights

Hawaiian also highlighted some other recent developments, including routes and network and fleet upgrades. Apart from starting Boeing 787-9 Dreamliner revenue service on April 15, the company also announced a bunch of new routes, such as from Salt Lake City (SLC) to Honolulu (HNL) and Sacramento (SMF) to Lihu`e (LIH) and Kona (KOA).

It has also increased summer flights between HNL and Austin (AUS), Boston (BOS), Las Vegas (LAS) and Pago Pago (PPG), and added a fourth daily flight between HNL and Los Angeles (LAX) from May 24 through September 2.

Photo: Markus Mainka | Shutterstock

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During the company’s Q1 earnings call, Ingram said that the airline expects to have all of its Airbus A321neos back in the next couple of weeks as “more engines to come back from the overhaul shop over the course of this year.” He further added,

“We bore the brunt of the lack of A321 spare engine availability earlier in 2023, even before that powdered metal problems forced a lot of inspections in the summer of last year. Having taken some of that pain in 2023, we’re now seeing engines returning from the overhaul shop, and that has left us at Hawaiian in a relatively more enviable position than some other carriers that have dealt with the aftermath of engines that have had to go in for inspections a little bit later.”

Some of the enhancements made to guest experiences in recent months include having Starlink inflight connectivity free of charge onboard all 18 A321neo aircraft, expanded Premium Airport Service product in its Honolulu hub, and signing a multi-year distribution agreement with Sabre, allowing Sabre-connected agencies to have long-term access to the carrier’s HA Connect™ NDC and traditional EDIFACT content through the Sabre travel marketplace.

Photo: Markus Mainka | Shutterstock

Looking ahead

In terms of guidance for the second quarter, Hawaiian expects a 3.5% to 6.5% increase in available seat miles (ASMs). However, given the industry’s dynamic nature, it expects operating revenue per ASM to decrease by up to 1.5%.

It remains to be seen how Hawaiian’s latest route additions and service offerings affect its results for the next few quarters as it moves ahead in its quest for profitability.

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