Hawaiian Reports Increased Operating Revenue, but Operating Losses also Rise.

Today, Hawaiian Holdings, Inc. has released its 10-K report. Hawaiian Holdings, Inc., through its subsidiary, Hawaiian Airlines, Inc., provides scheduled air transportation of passengers and cargo. The company operates services on North America routes, Neighbor Island routes, and international routes. As of December 31, 2022, its fleet consisted of 19 Boeing 717-200 aircraft for the Neighbor Island routes, 24 Airbus A330-200 aircraft, and 18 Airbus A321neo for the North America and international routes. Hawaiian's shares have moved -0.9% on the market and are now trading at a price of $14.02.

In the 10-K report, Hawaiian reported an operating revenue of $2.7 billion in 2023, marking a 2.8% increase from 2022. However, the company reported an operating loss of $293.7 million in 2023, compared to an operating loss of $210.1 million in 2022. The GAAP net loss in 2023 was $260.5 million, or $5.05 per diluted share, compared to a net loss of $240.1 million, or $4.67 per diluted share in 2022. Hawaiian Holdings also disclosed a proposed merger with Alaska Air Group and an Amazon Air Transportation Services Agreement.

The company's passenger revenue increased by $124.6 million, or 5.3%, in 2023 compared to the prior year. Domestic passenger revenue decreased by $143.3 million, or 6.9%, in 2023, while international passenger revenue increased by $267.9 million, or 101.7%, during the same period. Other operating revenue decreased by $49.5 million, or 16.2%, in 2023 compared to the prior year, primarily driven by decreases in cargo and other miscellaneous revenue.

Total operating expense increased by $0.2 billion or 5.6% to $3.0 billion in 2023 compared to 2022. The company's aircraft fuel expense decreased by $50.9 million, or 6.2%, in 2023, while wages and benefits increased by $118.4 million, or 14.2%. As of December 31, 2023, Hawaiian Holdings reported unrestricted cash, cash equivalents, and short-term investments of $0.9 billion.

For more detailed information, you can access the company's full 10-K submission here.

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