Why it is profiled? Poised to benefit from strengthening franchise and expansion to lucrative markets.
Emerging from bankruptcy in June 2005, Hawaiian Airlines Inc., a major subsidiary of Hawaiian Holdings Inc. (HA), has come a long way and is undertaking a more strategic development.
The carrier transports passengers and cargo in inter-island routes (amongst the Hawaiian Islands), transpacific routes (between the Hawaiian Islands and certain cities in the Western United States) , and between the Hawaiian Islands and the South Pacific, Australia and Asia (the South Pacific/Australia/Asia routes), collectively referred to as Scheduled Operations.
Even during uncertain and tough economic environment in 2009, the airline has been profitable and has kept its focus on continuing to earn profits. The third quarter ended September 30, 2010, whose results were reported in October, marked the tenth consecutive quarter of profitability. Based on revenue passenger miles, Hawaiian Airlines is the thirteenth largest domestic airline in the United States.
Hawaiian's operating fleet consists of 15 Boeing 717-200 aircraft for its inter-island routes, 18 Boeing 767-300 aircraft for its transpacific, South Pacific/Australia/Asia and charter routes and three Airbus A330-200 aircraft for its transpacific routes. By the end of the decade, Hawaiian plans to introduce up to 27 new Airbus aircraft into its fleet.
The airline also has a purchase agreement with Airbus to acquire seven A330s (starting in 2011) and six A350XWB-800 (Extra Wide-Body) aircraft (starting in 2017), along with purchase rights for an additional five A330s and six A350s. In the coming year, the airline is expected to accept two deliveries of A330 from aircraft leasing company AWAS.
Earlier in the week, the airline increased its firm commitments for new long-range Airbus A330-200 aircraft from 10 (including three already in service) to 16, with the additional six to be delivered between 2012 and 2015.
Hawaiian flies more than 165 inter-island flights each day, which has over 85% seat share, accounting for 33% of passenger revenue. According to the company, its inter-island markets are among the most-traveled in the U.S. Transpacific revenue accounts for 58% passenger revenue while South Pacific/Australia/Asia revenue accounts for 9%.
Last month, Hawaiian reached a new milestone in its expansion into Asia markets, by launching daily, nonstop flights from its hub at Honolulu to Tokyo-Haneda. Hawaiian Airlines, Delta Air Lines and American Airlines are the only three U.S. airlines to win government approval to serve Tokyo's downtown Haneda Airport, as part of the U.S.-Japan Open Skies agreement. However, the other two airlines are yet to launch their flights to Haneda.
With the recent foray into Japan, the company is on track for future growth to other major Asia markets, as it begins to add new and longer-range Airbus A330s and A350s to its fleet. The airline is expected to launch its service to Incheon, South Korea, Dunkerley next month. In addition, the carrier is reportedly planning to add one to two new Asia destinations per year.
The carrier will also be increasing its service in Australia by offering daily flights between Sydney and Honolulu, beginning August 2011.
Hawaiian Holdings' shares, which are up 16% year-to-date, are currently trading over $8.
Considering Hawaiian Holdings' growth strategy and the future opportunities as it taps into lucrative markets like Asia, it is worth keeping an eye on this stock. Stay Tuned...
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