PR Newswire
HONOLULU, April 24, 2018
HONOLULU, April 24, 2018 /PRNewswire/ -- Hawaiian Holdings, Inc. (NASDAQ: HA) (the "Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported its financial results for the first quarter of 2018.
First Quarter 2018 - Key Financial Metrics | ||||||||
| | GAAP | | YoY Change | | Adjusted | | YoY Change |
Net Income | | $28.5M | | ($5.1M) | | $55.8M | | +$3.1M |
Diluted EPS | | $0.56 | | ($0.06) | | $1.09 | | +$0.11 |
Pre-tax Margin | | 5.6% | | (2) pts | | 11.0% | | (1.6) pts |
"2018 is off to a great start," said Peter Ingram, Hawaiian Airlines president and CEO. "Despite an uptick in competitive capacity in the first quarter, we generated more revenue and carried more guests than any first quarter in our history. No one should be surprised that Hawaiian rose to the challenge. My colleagues on the ground and in the air are without peer - delivering operational excellence coupled with authentic Hawaiian hospitality. Our outstanding first quarter results would not have been possible without the passion and excellence they bring to this airline. It is an honor to serve with them."
"We are excited for the year ahead, and look forward to continuing to demonstrate that Hawaiian is now, and will remain, the carrier of choice to Hawai'i."
Statistical information, as well as a reconciliation of the non-GAAP financial measures, can be found in the accompanying tables.
Liquidity and Capital Resources
The Company's Board of Directors declared a quarterly cash dividend of 12 cents per share to be paid on May 25, 2018, to all shareholders of record as of May 11, 2018.
The Company repurchased approximately 549,000 shares of its common stock for approximately $20 million in the first quarter, which leaves approximately $80 million remaining under its share repurchase program.
As of March 31, 2018, the Company had:
First Quarter 2018 Highlights
Awards and Recognition
Leadership and People
Operational
Partnerships
New Routes
Product and Loyalty
Fleet and Financing
Second Quarter and Full Year 2018 Outlook
The table below summarizes the Company's expectations for the second quarter ending June 30, 2018, and the full year ending December 31, 2018, expressed as an expected percentage change compared to the results for the quarter ended June 30, 2017, or the full year ended December 31, 2017, as applicable.
For the full year ending December 31, 2018, the Company expects its effective tax rate to be in the range of 24% to 26%.
| | Second Quarter | | | | GAAP Second Quarter |
Item | | 2018 Guidance | | GAAP Equivalent | | 2018 Guidance |
ASMs | | Up 5.0% to up 7.0% | | | | |
Operating revenue per ASM | | Flat to up 3.0% | | | | |
Cost per ASM excluding fuel and special items (a) | | Up 4.0% to up 7.0% | | Cost per ASM (a) | | Up 8.6% to up 12.1% |
Gallons of jet fuel consumed | | Up 5.0% to up 7.0% | | | | |
Economic fuel cost per gallon (b)(c) | | $2.00 to $2.10 | | Fuel cost per gallon (b) | | $2.11 to $2.21 |
| | | | | | |
| | Full Year | | | | GAAP Full Year |
Item | | 2018 Guidance | | GAAP Equivalent | | 2018 Guidance |
ASMs | | Up 5.0% to up 8.0% | | | | |
Cost per ASM excluding fuel and special items (a) | | Up 0.5% to up 3.5% | | Cost per ASM (a) | | Up 5.4% to up 8.9% |
Gallons of jet fuel consumed | | Up 3.0% to up 6.0% | | | | |
Economic fuel cost per gallon (b)(c) | | $2.05 to $2.15 | | Fuel cost per gallon (b) | | $2.12 to $2.22 |
| | | | | | |
(a) See Table 4 for a reconciliation of GAAP operating expenses to operating expenses excluding aircraft fuel and special items. (b) Fuel cost per gallon estimates are based on the April 12, 2018, fuel forward curve. (c) See Table 3 for a reconciliation of GAAP fuel costs to economic fuel costs. |
New Revenue Recognition Accounting Standard
As of January 1, 2018, the Company adopted Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, which affects the Company's accounting for frequent flyer mileage sales, passenger revenue, other operating revenue, and selling costs. The prior periods presented have been recast to reflect adoption of these new standards.
For additional details on the impact of the standard, see the Company's Annual Report on Form 10-K for the year ended December 31, 2017, and the Company's future filings beginning with its Quarterly Report on Form 10-Q for the first quarter of 2018.
Investor Conference Call
Hawaiian Holdings' quarterly earnings conference call is scheduled to begin today (April 24, 2018) at 4:30 p.m. Eastern Time (USA). The conference call will be broadcast live over the Internet. Investors may listen to the live audio webcast on the investor relations section of the Company's website at www.HawaiianAirlines.com. For those who are not available for the live webcast, the call will be archived for 90 days on the investor relations section of the Company's website.
About Hawaiian Airlines
Hawaiian® has led all U.S. carriers in on-time performance for each of the past 14 years (2004-2017) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler, Travel + Leisure and TripAdvisor have placed Hawaiian among the top of all domestic airlines serving Hawai'i.
Now in its 89th year of continuous service, Hawaiian is Hawai'i's biggest and longest-serving airline. Hawaiian offers non-stop service to Hawai'i from more U.S. gateway cities (11) than any other airline, along with service from Japan, South Korea, China, Australia, New Zealand, American Samoa and Tahiti. Hawaiian also provides approximately 170 jet flights daily between the Hawaiian Islands, with a total of more than 250 daily flights system-wide.
Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow Hawaiian's Twitter updates (@HawaiianAir), become a fan on Facebook (Hawaiian Airlines), and follow us on Instagram (hawaiianairlines). For career postings and updates, follow Hawaiian's LinkedIn page.
For media inquiries, please visit Hawaiian Airlines' online newsroom.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company's current views with respect to certain current and future events and financial performance. Such forward-looking statements include, without limitation, the Company's expectations regarding available seat miles, cost per available seat mile, cost per available seat mile excluding fuel and special items, gallons of jet fuel consumed, fuel cost per gallon, and economic fuel cost per gallon for the quarter ending June 30, 2018 and for the full year ending December 31, 2018; the Company's expectations regarding operating revenue per available seat mile for the quarter ending June 30, 2018; the statements of our president and CEO; and statements as to other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing. Words such as "expects," "anticipates," "projects," "intends," "plans," "believes," "estimates," variations of such words, and similar expressions are also intended to identify such forward-looking statements. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and assumptions relating to the Company's operations and business environment, all of which may cause the Company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. These risks and uncertainties include, without limitation, the Company's ability to accurately forecast quarterly and annual results; economic volatility; macroeconomic developments; political developments; the price and availability of aircraft fuel; fluctuations in demand for transportation in the markets in which the Company operates; the Company's dependence on tourist travel; labor negotiations and related developments; competitive pressures, including the potential impact of rising industry capacity between North America and Hawai'i; the Company's ability to continue to generate sufficient cash flow to support the payment of a quarterly dividend; changes in the Company's future capital needs; foreign currency exchange rate fluctuations; and the Company's ability to implement its growth strategy.
The risks, uncertainties and assumptions referred to above that could cause the Company's results to differ materially from the results expressed or implied by such forward-looking statements also include the risks, uncertainties and assumptions discussed from time to time in the Company's other public filings and public announcements, including the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to the Company on the date hereof. The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.
Table 1. | |||||||||||
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| | Three Months Ended March 31, | |||||||||
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