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Hawaiian Airlines (HA) investor relations material
Hawaiian Airlines Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 2024 saw steady demand across most routes, with strong late-quarter domestic bookings, ongoing international headwinds—especially from Japan due to currency weakness—and continued investment in fleet modernization, guest experience, and network expansion, including the introduction of Boeing 787-9s and Starlink WiFi rollout.
Net loss was $67.6 million ($1.30 per diluted share) on $731.9 million revenue, compared to a $12.3 million net loss ($0.24 per share) on $706.9 million revenue in Q2 2023, driven by higher operating expenses, especially wages, fuel, and maintenance.
Raised $400M by financing 10 A321neo aircraft and exchanged $1.2B in loyalty bonds for $985M in new notes due 2029, extending liquidity runway.
Regulatory review of merger with Alaska Airlines extended to August 15, 2024; both companies cooperating with the DOJ and remain optimistic about clearance.
Operational highlights included full A321neo fleet availability, ramp-up of 787s and A330 freighters, new North America routes, and Starlink Wi-Fi rollout.
Financial highlights
Q2 2024 operating revenue was $731.9M, up 3.5% year-over-year on 4.3% higher capacity; six-month revenue was $1.38B, up 4.4% year-over-year.
Adjusted EBITDA loss of $21.3M and adjusted loss of $1.37 per share, including a $0.14 negative impact from a lower effective tax rate.
Operating loss for Q2 2024 was $55.4M, compared to $9.6M in Q2 2023.
Lower fuel costs and deferred heavy maintenance improved CASM-ex performance versus expectations.
Ended Q2 with $1.5B in liquidity, including $1.3B in unrestricted cash and investments and a $235M undrawn revolver.
Outlook and guidance
Q3 2024 system RASM expected to decline 1.5%–4.5% year-over-year on 5.5%–8.5% capacity growth.
Full-year 2024 capacity guidance revised to 4.0%–7.0% growth due to delayed 787 delivery.
Full-year CapEx expected at $350M–$400M.
CASM-ex guidance improved to up 2% for the year despite lower capacity.
Average fuel price per gallon expected at $2.68–$2.80 for the year.
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