POSTED: 10:56 a.m. HST, Jul 24, 2012
LAST UPDATED: 3:26 p.m. HST, Jul 24, 2012
The parent of Hawaiian Airlines earned $3.9 million in the second quarter as its aggressive expansion helped boost revenue nearly 23 percent and easing fuel prices reduced expenses.
Hawaiian Holdings Inc., which during the April-June period launched service to Fukuoka, Japan, and New York, lost $50 million in the year-earlier quarter after taking a pretax lease termination charge of $70 million tied to the purchase of 15 Boeing 717-200 interisland aircraft it had been leasing.
Revenue last quarter was $484.6 million compared with $395 million in the second quarter of 2011. Hawaiian’s average cost per gallon of jet fuel decreased 4.8 percent to $3.18 from $3.34 a year ago.
The company's earnings per share was 7 cents vs. a loss of 99 cents a share.
Excluding fuel-hedging activities, Hawaiian had adjusted net income of $11.7 million, or 22 cents a share. That beat analysts’ forecast of 17 cents a share.
“We’re pleased with the early results from the implementation of our strategy to grow into markets which have not been the traditional mainstay of our business,” Hawaiian President and CEO Mark Dunkerley said today. “At the same time, a small dip in the price of fuel and continuing healthy demand for the Hawaii vacation helped boost the results from our traditional lines of business.”