Hawaiian Holdings reports 2022 third-quarter financial results

©Hawaiian Airlines

Hawaiian Holdings, parent company of Hawaiian Airlines, has reported its financial results for the third quarter of 2022. The company reported GAAP net loss of US$9.3 million and adjusted net loss of US$7.7 million. EBITDA of US$46.8 million and adjusted EBITDA of US$47.9 million.

The company is seeing strong demand throughout its domestic network and a solid recovery in its international network. The company’s overall operating revenue was down 1.9% from third quarter 2019 as its international network is still rebuilding.

Other revenue was up 28.2% compared to the third quarter of 2019 driven by a strong quarter of cargo revenue and sales of HawaiianMiles.

On October 21, 2022 , the company announced an eight-year agreement with Amazon to provide flight operations and maintenance services for Amazon’s air cargo operation.  Amazon will provide a minimum of ten A330-300 freighter aircraft and will provide crew and line maintenance for this fleet. The initial aircraft are scheduled to enter service in the second half of 2023. In support of this business, the company will open mainland base(s) for crew and maintenance.  Under the agreement, Amazon can grow its fleet with Hawaiian above the initial ten aircraft and extend the contract beyond the initial eight-year term.  This agreement will provide the company with a new long-term diversified stream of revenue with no aircraft acquisition costs. As part of the agreement, Amazon will receive warrants to acquire up to 9.4 million of the company’s common shares vesting over nine years.

As of September 30, 2022, the company had unrestricted cash, cash equivalents and short-term investments of US$1.4 billion. (£1.00 = US$1.20 at time of publication)

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