Hawaiian Holdings Inc. today reported a first-quarter loss of $98.3 million; however, Hawaiian Airlines President and CEO Peter Ingram said the carrier’s investment in technology and other projects underway this year have positioned it for a “bright future.”

The Honolulu-based company said it had a loss of $1.91 per share during the first quarter. Losses, adjusted for nonrecurring costs, came to $2.17 cents per share.

The first-quarter results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $2.28 per share. The parent company of Hawaiian Airlines posted revenue of $612.6 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $608.3 million.

Ingram said in a statement prior to today’s earnings call, “A big mahalo to our team who continue to make us a stronger, better airline. The demand for leisure travel remains strong in the domestic markets we serve, and we see similar conditions in most of our international markets.”

Ingram added, “In recent days, our team completed a significant technology initiative, one of many projects underway in 2023 that position us for a bright future. We look forward to sustaining momentum on these initiatives and returning Hawaiian to profitability.”

FIRST-QUARTER LOSS

$98.3 million

2022 FIRST-QUARTER LOSS

$133.3 million

—The Associated Press contributed to this story.