Hawaiian Airlines Performance

Hawaiian Airlines Reports March and First Quarter 2019 Traffic Statistics

Hawaiian Airlines

Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA), yesterday announced its system-wide traffic statistics for the month and quarter ended March 31, 2019.  The Company also updated its expectations for certain first quarter 2019 financial metrics.

Hawaiian welcomed more than 993,000 guests in March 2019. Total traffic (revenue passenger miles) increased 0.2 percent on an increase of 0.3 percent in capacity (available seat miles) compared to March 2018.  Load factor decreased 0.1 points to 86.4 percent.

The table below summarizes March and year-to-date statistics compared to the respective prior-year periods.

SYSTEM-WIDE OPERATIONS1

MARCH

2019

2018

% CHANGE

PAX

993,548

1,018,741

(2.5%)

RPMs (000)

1,439,227

1,436,004

0.2%

ASMs (000)

1,665,067

1,659,260

0.3%

LF

86.4%

86.5%

(0.1) pts

YEAR-TO-DATE

2019

2018

% CHANGE

PAX

2,822,634

2,891,522

(2.4%)

RPMS (000)

4,128,485

4,030,783

2.4%

ASMS (000)

4,851,921

4,731,498

2.5%

LF

85.1%

85.2%

(0.1) pts

PAX

Passengers transported

RPM

Revenue Passenger Mile; one paying passenger transported one mile

ASM

Available Seat Mile; one seat transported one mile

LF

Load Factor; percentage of seating capacity filled

1Includes the operations of contract carriers under capacity purchase agreements.

First Quarter 2019 Outlook

The Company has revised certain of its expectations for the quarter ended March 31, 2019 that were previously provided in its Fourth Quarter and Full Year 2018 Earnings Release on January 29, 2019.

Specifically, the Company:

  • narrowed its estimates for operating revenue per ASM; and
  • lowered its estimates for operating costs per ASM excluding fuel primarily due to lower than expected expenses related to its Neighbor Island freighter operation.

The table below summarizes the Company's revised expectations for the quarter ended March 31, 2019 expressed as an expected percentage change compared to the results for the quarter ended March 31, 2018.

Item

Prior First

Quarter 2019

Guidance

Revised First

Quarter 2019

Guidance

GAAP

Equivalent

Prior GAAP

First Quarter

2019

Guidance

Revised

GAAP First

Quarter 2019

Guidance

Operating revenue per available seat mile (ASM)

Down 3.0 – 6.0%

Down 3.0 – 5.0%

Cost per ASM (CASM) excluding aircraft fuel (a)

Up 1.0 – 4.0%

Up 0.5 – 2.5%

Cost per ASM (a)

Down 3.8 – 7.1%

Down 4.8 – 7.7%

(a)

See Table 1 for a reconciliation of GAAP operating expenses to operating expenses excluding aircraft fuel.

Non-GAAP Financial Reconciliation

Table 1.

Operating Costs per Available Seat Mile (CASM)

(in thousands, except CASM data) (unaudited)

Estimated three months ended March 31, 2019

GAAP operating expenses

$

595,664

to

$

614,147

Less: aircraft fuel, including taxes and delivery

(121,212)

to

(130,253)

Adjusted operating expenses - excluding aircraft fuel

$

474,452

to

$

483,894

Available Seat Miles

4,851,921

to

4,851,921

CASM – GAAP

12.28

¢

to

12.66

¢

Less: aircraft fuel, including taxes and delivery

(2.50)

to

(2.68)

CASM - excluding aircraft fuel

9.78

¢

To

9.98

¢



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