Hawaiian Holdings (HA) September Traffic Increases 6.3%, Capacity Up 4.3%

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October 6, 2017 5:52 AM EDT
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Price: $18.00 --0%

Financial Fact:
Total: 497.98M

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Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA), has announced its system-wide traffic statistics for the month of September, third quarter, and year-to-date. It also updated its expectations for certain third quarter financial metrics.

SYSTEM-WIDE OPERATIONS1

SEPTEMBER

2017

2016

% CHANGE

PAX

913,488

883,315

3.4%

RPMS (000)

1,367,347

1,286,281

6.3%

ASMS (000)

1,578,385

1,512,928

4.3%

LF

86.6%

85.0%

1.6 pts.

THIRD QUARTER

2017

2016

% CHANGE

PAX

3,001,446

2,918,230

2.9%

RPMS (000)

4,293,095

4,170,671

2.9%

ASMS (000)

4,950,800

4,894,768

1.1%

LF

86.7%

85.2%

1.5 pts.

YEAR-TO-DATE

2017

2016

% CHANGE

PAX

8,591,733

8,321,114

3.3%

RPMS (000)

12,190,846

11,559,795

5.5%

ASMS (000)

14,208,642

13,813,955

2.9%

LF

85.8%

83.7%

2.1 pts.

PAX

Passengers transported

RPM

Revenue Passenger Miles; one paying passenger transported one mile

ASM

Available Seat Miles; one seat transported one mile

LF

Load Factor; percentage of seating capacity filled

1 Includes the operations of contract carriers under capacity purchase agreements.

Third Quarter 2017 Outlook

The Company has revised its expectations for the quarter ended September 30, 2017 provided in its Second Quarter 2017 Earnings Release on July 25, 2017.

Specifically, the Company revised its estimates for gallons of jet fuel consumed and economic fuel cost per gallon.

The table below summarizes the Company's revised expectations for the quarter ended September 30, 2017, expressed as an expected percentage change compared to the results for the quarter ended September 30, 2016.

Item

Original Third Quarter 2017 Guidance

Revised Third Quarter 2017 Guidance

GAAP Equivalent

Original GAAP Third Quarter 2017 Guidance

Revised GAAP Third Quarter 2017 Guidance

Gallons of jet fuel consumed

Up 3% to up 5%

Up 3% to up 4%

Economic fuel cost per gallon (a)(b)

$1.55 to $1.65

$1.65 to $1.75

Fuel cost per gallon

$1.50 to $1.60

$1.61 to $1.71

(a)

See reconciliation of actual fuel costs to economic fuel costs.

(b)

Economic fuel cost per gallon estimates are based on September 19, 2017 fuel forward curve.

The Company believes that economic fuel expense is a good measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus losses/(gains) realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.

Non-GAAP Financial Reconciliations(in thousands)

Estimated three months endedSeptember 30, 2017

(in thousands, except per-gallon amounts)

Aircraft fuel expense, including taxes and delivery

$

107,328

to

$

115,151

Realized (gains)/losses on settlement of fuel derivative contracts

3,000

to

3,000

Economic fuel expense

$

110,328

to

$

118,151

Fuel gallons consumed

66,866

to

67,515

Economic fuel cost per gallon

$

1.65

to

$

1.75


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