POSTED: 10:57 a.m. HST, Oct 18, 2011
LAST UPDATED: 04:56 p.m. HST, Oct 18, 2011
The parent company of Hawaiian Airlines returned to profitability last quarter as it earned $25.6 million on the strength of rebounding Japan traffic and easing fuel prices.
Hawaiian Holdings Inc. bounced back from the April-June period when it lost $50 million in the period to end a three-year string of quarterly profits.
"The third quarter marked a return to some better results for our business," Hawaiian President and CEO Mark Dunkerley said today. "Strong demand in each of the major geographies we serve, continued cost control and some small but welcome easing of fuel prices all played a part."
Despite getting back in the black, Hawaiian’s net income fell 15.9 percent from the third quarter of 2010 when it earned $30.5 million, or 59 cents a share.
Earnings per share last quarter were 50 cents.
The company’s adjusted net income last quarter, which includes $2.3 million of $9.7 million in expenses related to fuel-hedge activities, was $30 million, or 59 cents a share. That beat analysts’ consensus estimate of 48 cents a share.
Revenue rose 29.5 percent to $455.9 million from $352 million.