Hawaiian Holdings, the parent company of Hawaiian Airlines, posted a net loss of $9.3 million in the Q3 of 2022. Hawaiian reported a strong demand throughout its domestic network and a solid recovery in its international network.
Peter Ingram, president and CEO at Hawaiian Airlines, said: “We enjoyed strong demand for travel to Hawaiʻi this summer led by our North America routes and are encouraged to see these trends continue into the fall, while the relaxation of travel restrictions in Japan sets the stage for the full restoration of our network in the months ahead.
Hawaiian reported an overall operating revenue down by 1.9% from Q3 of 2019 while the other revenue was up by 28.2% driven by a strong quarter of cargo revenue.
On October 21, 2022, Hawaiian signed 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 10 A330-300 freight aircraft, while Hawaiian will provide crew and line maintenance for this fleet. This agreement will provide Hawaiian 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.
“Our competitive position is strong. And above all else, we continue to have the best team in the business that has taken on every challenge over the last few years and continues to deliver outstanding service and hospitality,” added Peter.
During the third quarter of 2022, Hawaiian operated at 93% of its 2019 third-quarter system capacity.
As of September 30, 2022, Hawaiian Group reported having unrestricted cash, cash equivalents, and short-term investments of $1.4 bn, $1.7 billion in liquidity, including its undrawn $235 million revolving credit facility and an outstanding debt and finance lease obligations of $1.7 bn
As for the Q4 of 2022, the group expects its total revenue to be up 1.5% to 5.5% as compared to Q4 of 2019.