Apr. 27—Hawaiian Holdings, the parent of Hawaiian Airlines, reported a net loss of $122.8 million in the first quarter, which saw strengthening in domestic travel demand as the omicron surge and restrictions eased.
Hawaiian announced diluted earnings per share of $2.39 during an investor call today.
The carrier's first quarter loss, adjusted for one time gains and losses, came to $130.3 million, or $2.54 a share, which was below Wall Street expectations.The average estimate of three analysts surveyed by Zacks Investment Research was a first-quarter 2022 adjusted loss of $2.51 a share.
The carrier's first quarter revenue hit $477.2 million, up 161.9 % from $182.2 million during the first quarter of 2021.
Peter Ingram, Hawaiian Airlines President and CEO, said during the call, "With the effects of the pandemic more muted now than at any point since the beginning of 2020, we are enjoying a period of strong demand for travel to, from, and within Hawaii.
"COVID restrictions for travel to the state of Hawaii were lifted at the end of March and restrictions on travel in our key international geographies are appreciably reducing."
The airline's second-quarter outlook anticipates more narrowing of the gap between pre-pandemic and pandemic conditions, largely due to improving international travel demand, which dropped dramatically from COVID fears and restrictions.
"Looking ahead, we expect record domestic revenue in the second quarter and a steady recovery of international demand as the year progresses, " Ingram said.
Hawaiian's second-quarter outlook expects capacity will be within 11.5 % to 14.5 % of the second quarter of 2019. The carrier anticipates its second-quarter revenue will wind up within 8 % to 12 % of second-quarter 2019 revenue.
Hawaiian's stock fell $1.05 to $18.56 at closing today.
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