Hawaiian Airlines’ earnings more than tripled during the fourth quarter despite lower revenue as fuel prices plunged.
The parent of the state’s largest carrier, Hawaiian Holdings Inc., said today it earned $37.9 million, or 66 cents a share, compared with $11.1 million, or 17 cents a share, in the year-earlier period. Revenue dipped 0.1 percent to $574.2 million from $574.8 million.
Hawaiian, like other airlines that have reported so far this quarter, reported dramatic savings in fuel costs. The company said fuel costs — with hedging expenses factored in — were $60.2 million lower than the year-earlier period.
Fuel hedging, which is similar to buying insurance, reduces volatility by locking in a price to gain protection against future fuel-price spikes. Hawaiian’s fuel cost per gallon decreased 36.6 percent in the quarter to $1.80 from $2.84.