Hawaiian Holdings, parent company of Hawaiian Airlines, has reported a today reported its financial results for the first quarter of 2016. Hawaiian’ net income during the quarter, on an adjusted basis, increased by $18.3 million to $43 million, with a pre-tax margin of 12.6% up 5.2 percentage points. Under US GAAP, net income rose by $25.6million to $51.5million, with a pre-tax margin of 15.1% up 7.3 percentage points.
"The outstanding first quarter results are a strong start to 2016," said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. "Solid demand for travel to Hawai'i, manageable industry capacity growth, and the low cost of fuel combined with the exceptional service that our employees deliver to our guests propelled our record results this quarter. Looking ahead, our outlook is for these positive trends to continue reinforcing our confidence that 2016 will be a great year."
As of March 31, 2016, Hawaiian had unrestricted cash, cash equivalents and short-term investments of $669 million, with outstanding debt and capital lease obligations of $683 million. The company early retired $52 million (principal balance) of existing debt in the first quarter and repurchased $2.5 million of common stock.