Hawaiian Holdings (NASDAQ: HA) reported Q2 EPS of ($3.81), $0.33 worse than the analyst estimate of ($3.48). Revenue for the quarter came in at $60 million versus the consensus estimate of $61.96 million.

Third Quarter 2020

Due to the uncertain timing of the relaxation of travel and quarantine restrictions, the Company is unable to provide detailed guidance related to capacity expectations for the quarter ending September 30, 2020. July 2020 capacity, in terms of available seat miles (ASMs), is expected to be approximately 86% below the capacity flown in July 2019, and the Company expects August 2020 capacity to decrease 85% compared to August 2019. As a significant portion of the Company's costs are fixed, operating expenses are not expected to decline in proportion to the capacity decline.

To further increase liquidity, the Company has entered into additional financing transactions in July 2020. This includes the following:

Raised $114 million through the sale and leaseback of two Airbus A321neo aircraft
Signed a non-binding letter of intent with the U.S. Department of Treasury pursuant to which the Company is eligible to receive up to $364 million in Economic Relief Program ("ERP") loans offered under the CARES Act; the Company has until March 2021 to determine how much of the available ERP funds to borrow.

For earnings history and earnings-related data on Hawaiian Holdings (HA) click here.