Hawaiian Airlines has recorded its first quarter results, reflecting an operating loss of $117 million.
The carrier of Hawaii, similar to many other airlines, has reported losses for the first quarter. Although there is a substantial improvement in 2022’s results, the company cites a challenging operating environment as a catalyst.
Hawaiian says that their recovery is progressing well even despite this. While significant external factors impact their operations, Hawaiian says that demand returning at such an intense rate carried their 2022 performance.
The airline says it was able to generate $612 million in revenues. This represents a further growth year-on-year. Hawaiian is forecasting the remainder of 2023 to be strong.
As of March 31st, Hawaiian Airlines says it has $1.6 billion in liquidity. This also includes its indrawn $235 million revolving credit facility. In addition, current outstanding debt and finance lease obligations total $1.7 billion, and unrestricted cash, equivalents and short-term investments are $1.4 billion.
Hawaiian further reported that for Q1 of 2023, it operated 115% of its 2022 Q1 capacity. As a result, North America significantly increased year on year. Meanwhile, there were announcements for weekly summer frequencies to destinations such as Austin, Boston, Las Vegas and Pago Pago—all these decisions are in preparation for an essential summer ahead.