Fast-growing Hawaiian Airlines returned to profitability in the second quarter as competitors scaled back flights and its neighbor island business picked up.
Parent company Hawaiian Holdings Inc. said today that net income more than doubled to $11.3 million, or 21 cents a share, from $3.9 million, or 7 cents a share, in the year-earlier period. The results easily beat analysts’ estimates of 12 cents a share.
Revenue rose 10.2 percent to $533.9 million from $484.6 million.
Hawaiian, which had posted losses in each of the two previous quarters, has been rapidly expanding and has introduced 10 new international routes in the last three years.
“On our international routes we are seeing the strengthening of the dollar undermine some of the excellent results we have had in the last couple of years but this portion of our business remains the core focus of our expansion plans,” Hawaiian President and CEO Mark Dunkerley said.
Hawaiian’s stock finished unchanged at $6.69 on the Nasdaq Stock Market. The results were announced after the market closed.