Hawaiian Holdings, parent company of Hawaiian Airlines, reported an adjusted net loss of $122.7 million for the fourth quarter of 2023 while its full year adjusted net loss for 2023 was $313.5 million. Adjusted losses stood at $2.37 per share for the fourth quarter and adjusted losses of $6.08 per share for the full year.
Total operating revenue for the fourth quarter fell to $669 million, down 8.5% from $731 million in the fourth quarter of 2022 on 3.3% higher capacity. Full year total revenue was up 2.8% from $2.6bn in 2022 to $2.7bn in 2023 on 8.1% higher capacity.
The report said: ""In addition to the impact from the Maui wildfires, pandemic-related spoilage and revenue from pent-up travel demand in 2022 drove the year-over-year decline.""
""Demand is solid across our networks, our brand remains strong in Japan as the market recovers, and we have seen steady improvement in travel to Maui,"" said Hawaiian Airlines president and CEO Peter Ingram.
Hawaiian Holdings has an outstanding debt and finance lease obligations of $1.7bn. Alaska Air Group announced in December 2023 it would acquire Hawaiian for $1.9bn, inclusive of Hawaiian's $900 million debt. Ingram said: ""We expect the combination with Alaska will create an even more competitive combined airline.""
The acquisition is expected to close, following regulatory approval, in late 2024 or early 2025.
Hawaiian Airlines reports $122 million loss for Q4 2023
