Hawaiian Holdings reports 2019 first quarter financial results

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., today reported its financial results for the first quarter of 2019.

“Hawaiian is off to a solid start in 2019,” said Peter Ingram, Hawaiian Airlines president and CEO. “We made important progress against our 2019 priorities in the first quarter, advancing a host of initiatives that will bring lasting value to our guests, our team, and our shareholders. Executing the winning formula we have crafted in the course of 90 years of serving Hawai’i with the best mix of service, products, and aircraft positions us well to continue to succeed in the face of an evolving competitive environment. We look forward to the rest of 2019 and demonstrating, yet again, that Hawaiian is the carrier of choice to Hawai’i.”

Statistical information, as well as a reconciliation of the non-GAAP financial measures, can be found in the accompanying tables.

Shareholder Returns, Liquidity and Capital Resources

The Company returned $16.9 million to shareholders in the first quarter through share repurchases of $11.1 million and a dividend payment of $5.8 million.

On April 19, 2019 the Company’s Board of Directors declared a quarterly cash dividend of 12 cents per share to be paid on May 31, 2019 to all shareholders of record as of May 17, 2019.

As of March 31, 2019, the Company had:

• Unrestricted cash, cash equivalents and short-term investments of $532 million
• Outstanding debt and capital lease obligations of $613 million

First Quarter 2019 Highlights

Awards and Recognition

• Ranked #1 nationally for on-time performance for the 15th consecutive year in 2018 as reported in the U.S. Department of Transportation (DOT) Air Travel Consumer Report.

Partnerships

• Received notification from the U.S. Department of Transportation (DOT) that its antitrust immunity application with Japan Airlines was deemed substantially completed.
• Announced a partnership with Carbon Lighthouse to launch a two-month pilot program focused on reducing energy waste at its Airport Center building.
• In April, announced an expanded codeshare agreement with Virgin Australia that offers travelers in more than a dozen Australian and New Zealand cities a broader and more convenient network of flights to Hawai’i.

Products and Services

• In April, selected partners for development of its Boeing 787-9 Dreamliner seats. Adient Aerospace and Collins Aerospace will design and supply seats for the Company’s new flagship aircraft scheduled to enter its transpacific route network in 2021.
• Launched a brand new Hawaiian Airlines mobile app with features designed to improve guests’ day-of-travel experience.

Routes and Network

• In April, began service on its second East Coast route with five-times-a-week non-stop service between Boston’s Logan International Airport (BOS) and Honolulu’s Daniel K. Inouye International Airport (HNL).
• Expanded its service to Northern California with:
  • the launch of new daily non-stop service between Maui’s Kahului Airport (OGG) and Sacramento International Airport (SMF); and
  • the announcement of new daily non-stop service between San FranciscoInternational Airport (SFO) and Honolulu (HNL) using new Airbus A321neo aircraft beginning October 2019, augmenting daily flights between San Francisco(SFO) and both Honolulu (HNL) and Maui (OGG).
• Submitted its application to the U.S. Department of Transportation (DOT) for three additional daily flights between Honolulu (HNL) and Tokyo Haneda Airport (HND).

Fleet

• Took delivery of one Airbus A321neo aircraft in March, increasing the size of its A321neo fleet to twelve aircraft.
• Retired the last of its Boeing 767-300 aircraft in January.