Hawaiian Holdings, parent company of Hawaiian Airlines, has reported a GAAP net loss of $(36.8) million, and an adjusted net loss of $(46.1) million for the second quarter of 2022. EBITDA was $12.9 million, and adjusted EBITDA of $1.1 million. The company's overall operating revenue was down 2.9% from second quarter 2019 as its international network is still rebuilding. Other revenue was up 26.6% compared to the second quarter of 2019 driven by a record quarter of cargo revenue and sales of HawaiianMiles.
"Strong demand in our domestic markets has been joined by an encouraging recovery from our international gateways in the second quarter" said Peter Ingram, Hawaiian Airlines President and CEO.
Hawaiian stated that it continued to enjoy “strong demand throughout its domestic network and is seeing a solid recovery in its international network”, adding that premium products performed “exceptionally well during the quarter, with both business/first class revenue and Extra Comfort revenue exceeding 2019 levels”.
As of June 30, 2022, Hawaiian had $1.8 billion in liquidity, including its undrawn $235 million revolving credit facility, with outstanding debt and finance lease obligations of $1.8 billion, as well as an air traffic liability of $784 million.
Hawaiian expects its capacity for the quarter ending September 30, 2022 to be down approximately 5% to down 8% compared to the third quarter of 2019, mostly driven by the delay of the full restoration of its Japan network. Total revenue for the third quarter is expected to sequentially improve from the second quarter and be between down 3.5% to up 0.5% compared to the third quarter of 2019.
Hawaiian expects its CASM excluding fuel and non-recurring items for the quarter ending September 30, 2022 to be consistent with the second quarter at up approximately 8% to 12% compared to the third quarter of 2019. Outlook for adjusted EBITDA for the quarter ending September 30, 2022 is $15 million to $75 million.