(RTTNews) - Tuesday after the bell, Hawaiian Holdings, Inc. (HA:
News ), the parent company of Hawaiian Airlines, Inc., reported a higher profit for the third quarter, compared to the year-ago period on a one-time tax benefit of $20.0 million.
Hawaiian Holdings' net income rose to $30.7 million from $6.0 million in the year-ago period due to the one-time tax benefits from adopting various tax accounting changes. On a per share basis, net income was increased to $0.58 from $0.12 for the prior year quarter.
Excluding the one-time tax gain of $20.0 million, non-GAAP income for the quarter would have been $10.7 million or $0.20 per share.
Hawaiian's operating income declined 13.2% to $23.7 million from $27.3 million in the prior year period, with operating revenues down 10.1% at $305.6 million from $339.9 million in the year-ago period.
Airline capacity or available seat miles registered a 2.7% year-over-year increase to 2.5 billion, resulting in operating revenue per ASM or RASM of 12.19 cents, down 12.4% from 13.92 cents in the third quarter a year ago. Third quarter passenger load factor increased to 84.9% from 80.3% in the prior-year period. Passenger yield or passenger revenue per revenue passenger mile decreased 20.7% to 12.65 cents from 15.95 cents.
Total operating expenses decreased 9.8% year-over-year to $281.9 million, resulting in operating cost per available seat mile or CASM of 11.24 cents, down 12.3% versus the same period a year ago.
Aircraft fuel costs decreased 47.9% year-over-year in the third quarter to $68.4 million and represented 24.3% of operating expenses. Hawaiian's average cost per gallon of jet fuel decreased 49.6% year-over-year in the third quarter to $1.93, while block hours increased 7.9%, primarily reflecting increased Boeing 717 operations.
Non-operating expense totaled $6.8 million, compared with $12.7 million in the prior year quarter, of which $3.3 million reflect net losses from Hawaiian's fuel hedging activity.
HA closed Tuesday's regular trading session at $8.87, up $0.01, on the NASDAQ. In after hours, the stock further gained $0.40 or 4.51%, trading at $9.27.
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by RTT Staff Writer
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