Laser1987
Hawaiian Holdings (NASDAQ:HA) shares flew nearly 5% lower in after hours trading after revenue came up short of estimates.
For the third quarter, an adjusted loss of $0.15 per share came in better than anticipated, but revenue of $741.15M narrowly missed Wall Street estimates. Further, $663.1M in passenger revenue came in lighter than the $667M expected by analysts.
“We enjoyed strong demand for travel to HawaiĘ»i 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,” CEO Peter Ingram said
Management also highlighted a cargo partnership with Amazon as a key initiative into 2023.
Into the fourth quarter, the carrier said it anticipates capacity to be down 4% to 7% compared to the fourth quarter of 2019 as the full restoration of its Japan network remains delayed. Costs per available seat mile (CASM) excluding fuel and non-recurring items is expected to accelerate 13% to 16% compared to the fourth quarter of 2019. Fuel prices for the full year are now expected to average $3.47, up from a guide of $3.36 in the second quarter.
Shares of the Honolulu-based air carrier fell 4.07% in after hours trading on Tuesday, building back from about a 5% drop immediately after the print.
As of the close of the third quarter, $1.7B in liquidity, including its undrawn $235M revolving credit facility, matched outstanding debt and finance lease obligations of $1.7B.
Read more on recent accounting trouble for the airline.
Image and article originally from seekingalpha.com. Read the original article here.