Hawaiian Airlines, the state’s largest carrier, lost net income in the third quarter, but surpassed Wall Street expectations.
Parent Hawaiian Holdings Inc. reported today that revenue dipped a scant 0.5% to $755 million from the quarter’s $759 million a year ago. At the same time, the number of passengers flown increased 1% to nearly 3.1 million from just over 3 million in the third quarter of 2018.
Hawaiian’s net income fell 14% to almost $80.1 million, or $1.70 cents a diluted share, from the year-earlier quarter’s $93.5 million, or $1.84 cents a diluted share. When adjusted for nonrecurring costs, second-quarter 2019 earnings were $1.72 per diluted share.
“Our team executed extremely well during the peak summer period and demand to from and within Hawaii remains robust,” Peter Ingram, Hawaiian Airlines president and CEO, said during an earnings call today. “In the face of increasing competition we report strong results which surpass what we had expected entering the quarter.”
Hawaiian also beat Wall Street estimates this quarter. According to Zacks Investment Research, based on five analysts’ forecasts, the average earnings-per-share forecast for the quarter was $1.69. The consensus estimate of three analysts surveyed by Zacks forecast that revenues would decline to $748.1 million.
Hawaiian’s stock closed at $30.13 during the regular trading session today. It fell to $28.35 in after-hours trading following the release of the financial results.