Hawaiian Holdings (NASDAQ: HA) reported Q3 EPS of ($2.11), $1.37 better than the analyst estimate of ($3.48). Revenue for the quarter came in at $75.98 million versus the consensus estimate of $97.16 million.

"The COVID-19 pandemic and State of Hawai'i quarantines continued to have a dramatic effect on our business in the third quarter," said Peter Ingram, Hawaiian Airlines President and CEO. "Despite these monumental challenges, my colleagues throughout the business have done an incredible job adapting to the evolving environment. We have taken action to reduce expenses, preserve cash, bolster our liquidity and care for our guests, positioning us to begin the recovery process in earnest with the introduction of the State of Hawai'i's pre-travel testing regime in the fourth quarter."

Fourth Quarter 2020

The State of Hawai'i launched a pre-travel testing program for travelers entering the State on or after October 15, 2020. Travelers who choose to participate in the program can bypass the State's mandatory 14-day quarantine with proof of a negative COVID-19 test from one of the State's approved testing partners.

The Company expects its fourth quarter 2020 capacity to be approximately 70 percent below the capacity flown during the same period last year. As a significant portion of the Company's costs are fixed, operating expenses are not expected to decline in proportion to the capacity decline.

In October 2020, the Company reached an agreement with Boeing to push back the timing of 787-9 deliveries under its purchase agreement for 10 aircraft. The Company now expects to take delivery of 787-9 aircraft from 2022 to 2026 with its first aircraft to be delivered in September 2022.

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