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Hawaiian Air earnings double on strength of tax adjustments

By Dave Segal

LAST UPDATED: 11:33 a.m. HST, Feb 1, 2011


The parent of Hawaiian Airlines doubled its earnings in the fourth quarter helped by nonrecurring tax adjustments.

Hawaiian Holdings Inc. said today that net income was $70.6 million, or $1.36 a share, compared with $35 million, or 66 cents a share, a year ago.

Excluding the tax benefits, the company had net income of $11.3 million, or 21 cents a share, versus $10.5 million, or 20 cents a share, over the same period.

Revenue jumped 15.7 percent to $343.8 million from $297 million.

Aircraft fuel costs gained 27 percent to $89.7 million from the year-earlier period and represented 29.7 percent of operating expenses.


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