Hawaiian Airlines stock sinks toward 12-year low as Lahaina wildfires led to disappointing results
Shares of Hawaiian Airlines parent Hawaiian Holdings Inc. (HA) sank 7.7% toward a 12-year low in after-hours trading Tuesday after the Hawaiian Airlines parent reported a wider-than-expected third-quarter loss and revenue that fell short of expectations, as the August wildfires in Lahaina caused "a sharp decrease in traffic" to Maui. Net losses widened to $$8.7 million, or 94 cents a share, from $9.3 million, or 18 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of $1.06 missed the FactSet loss consensus of 94 cents. Revenue fell 1.8% to $727.7 million, below the FactSet consensus of $735.7 million. Meanwhile, load factor rose to 86.1% from 83.0%, to beat the FactSet consensus of 85.4%, as traffic rose 8.2% to 4.45 billion revenue passenger miles and capacity grew 4.2% to 5.17 billion available seat miles. For 2023, the company cut its capacity growth guidance to 7.5% to 8.5% from 8.0% to 10.0% while raising its fuel cost outlook to $2.89 per gallon from $2.78 per gallon. The stock, which is trading at the lowest levels seen during regular-session hours since October 2011, has plunged 61.8% over the past three months through Tuesday's close, while the S&P 500 has given up 6.7%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-24-23 1621ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing