The new contract that Hawaiian Airlines reached with its pilots took a chunk out of earnings in the first quarter.

Hawaiian’s earnings nose-dived 28.3 percent during the period after agreeing to a contract with its pilots following more than two years of negotiations.

Hawaiian Holdings Inc., parent of the state’s largest carrier, reported today it had net income of $36.9 million, or 68 cents a share, compared with $51.5 million, or 95 cents a share, in the year-ago quarter. Revenue rose 11.4 percent to $614.2 million from $551.2 million.

But excluding special items, Hawaiian had adjusted net income of $56 million, or $1.04 a share. On that basis, Hawaiian easily beat analysts’ consensus estimate of 85 cents a share. In the year-earlier quarter, the airline had adjusted net income of $43 million, or 80 cents a share.

“The year has started extremely well,” Hawaiian President and CEO Mark Dunkerley said in a statement. “Strong demand coupled with benign industry capacity growth in our geographies have given us a robust operating environment sufficient to more than offset the impact of the rising price of fuel.”

Hawaiian’s stock jumped 1.40, or 2.8 percent, to $51.90 before the earnings were announced at the close of the market.