Hawaiian Airlines said today its earnings fell 27.2 percent in the third quarter, but the results easily beat analysts’ forecasts.
Net income for the state’s largest carrier was $74.6 million, or $1.39 a share, compared with $102.5 million, or $1.91 a share, in the year-earlier quarter.
Excluding special items, Hawaiian had adjusted net income of $102.6 million, or $1.92 a share. On that basis, Hawaiian topped analysts’ consensus estimate of $1.85 a share. In the year-earlier quarter, the airline had adjusted net income of $103.1 million, or $1.92 a share,
Revenue rose 7.1 percent to $719.6 million from $671.8 million.
“The third quarter’s excellent results add to the great year we are having,” Hawaiian President and CEO Mark Dunkerley said in a statement. “Apart from the helpful environment characterized by low fuel prices, manageable industry capacity and strong demand for the Hawaii vacation, our team is doing a terrific job improving the company and widening the gap between us and our competitors.”
Hawaiian’s stock fell 10 cents today to $40.05. The financial results were announced after the market closed.