Monday, Hawaiian Holdings, Inc. (HA), the parent company of Hawaiian Airlines, Inc., reported a decline in profit for the second quarter, hurt by a decline in revenue due to lower demand for services attributed to the ongoing recession.
Hawaiian Holdings' net income for the second quarter quarter decreased to $27.49 million or $0.53 per share from $54.34 million or $1.09 per share in the previous year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings or $0.32 per share. Analysts' estimates typically exclude special items.
Total operating revenue for the quarter declined to $202.00 million from $319.19 million a year ago. Excluding the litigation settlement of $52.5 million received in the prior year period, total operating expenses for the second quarter of 2009 decreased 19.5% year-over-year to $260.3 million. Aircraft fuel costs decreased 55.7% year-over-year in the second quarter to $54.7 million and represented 21.0% of operating expenses.
The company's second-quarter traffic increased 0.8% to 2.05 billion Revenue Passenger Miles on a 1.8% capacity increase to 2.43 billion Available Seat Miles. Load factor for the quarter declined 0.9 points to 84.2%.
For the six-month period, net income was $51.03 million or $0.98 per share, compared to $34.43 million or $0.71 per share in the same period of the previous year. Total operating revenue for the period increased to $580.63 million from $570.46 million last year.
Additionally, the company announced that it has determined to terminate its previously announced stock purchase program in light of the substantial increase in its stock price since the program was initiated in March 2009. The total shares purchased under the program were 217,390.
HA closed Monday's regular trading at $7.09, up $0.40 or 5.98%, on a volume of 0.85 million shares on the Nasdaq. In after hours, the stock further gained $0.02 or 0.28%, trading at $7.11.
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