Hawaiian Airlines’ net income nearly doubled in the third quarter and its stock price soared to an all-time high as the state’s largest carrier benefited from lower fuel prices and strong passenger demand.

The parent of the state’s largest carrier, Hawaiian Holdings Inc., said Monday it earned $70 million, or $1.15 a share, compared with $35.6 million, or 56 cents a share, in the year-earlier period. Hawaiian’s shares rose 4.7 percent, or $1.39, to $31. The earnings were announced after the market closed. On June 12, 2003, when the company was in Chapter 11 reorganization bankruptcy, its shares traded for as low as 30 cents.

“The earnings growth this quarter reflects the continuation of the trends we’ve experienced for much of the year,” Hawaiian President and CEO Mark Dunkerley said on an earnings conference call. “Fuel prices have been lower and demand has remained strong in all of our geographies, while the strengthening of the U.S. dollar (which makes it more expensive for international visitors to fly) and the decline in fuel surcharges (primarily in Japan and South Korea) have partially offset this bounty. In the past quarter we’ve also started to benefit from seeing the rates of industry capacity in all of our geographies begin to ebb.”

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 $67.6 million lower than the year-earlier period, and that it expects to save $220 million in fuel this year  compared with 2014.

“These savings will more than offset the U.S. dollar exchange rate and lower fuel-surcharge head wind,” Hawaiian Chief Financial Officer Shannon Okinaka said on the conference call.

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 37 percent in the quarter to $1.95 from $3.10.

Hawaiian also enjoyed more breathing room on mainland routes as the number of air seats from the West Coast to Hawaii rose just 6 percent during the third quarter from the year-earlier period after being up double digits during the three previous quarters, Hawaiian Chief Commercial Officer Peter Ingram said on the conference call.

“Looking ahead, the outlook for capacity from the West Coast to Hawaii continues to moderate,” Ingram said. “Based on published schedules, industry capacity growth is expected to be up 5 percent in the upcoming fourth quarter and the first quarter of next year.”

Hawaiian said its adjusted net income of $78 million, or $1.29 cents a share, was a record for the quarter. That beat the forecast of $1.23 a share from analysts surveyed by Thomson Financial Network. The adjusted net income excludes the unrealized amount of the company’s fuel hedges and the losses on the early payment of debt.

Revenue, though, slipped 1.2 percent to $631.7 million from $639.5 million even as capacity increased 3.6 percent from the year-earlier period. A bright spot was that Hawaiian’s value-added revenue per passenger during the quarter increased by 70 cents to $21.52, primarily due to Extra Comfort seating, which is typically more expensive than coach but less than first class.

“Overall, the quarter played out very much as we expected going in with North America and neighbor island results strengthening and foreign exchange and fuel-surcharge effects pressuring our international revenue performance,” Ingram said.