Hawaiian Holdings, the parent company of Honolulu-based Hawaiian Airlines, reported its financial results for the fourth quarter of 2022 and the entire year on Tuesday. According to the report, the company experienced a slight loss to end the year.

The numbers come as the carrier saw increased demand on routes between the US Mainland and Hawaii and some international routes. Hawaiian’s overall operating revenue for Q4 2022 was up more than 3% compared to operating income three years ago.

A topsy-turvy of numbers

Although operating revenue was up, the airline lost $50.2 million in the fourth quarter overall. The loss, however, was a better performance than the same quarter of 2021 when the company reported losing $92.6 million due to the ongoing effects of the pandemic.

On the contrary, Hawaiian lost more than $100 million during the full year 2022 compared to the year prior. The carrier lost $240 million versus losing $145 million in 2021. According to FlightGlobal, total revenue for the fourth quarter came in at $731 million, up from $495 million in the fourth quarter of 2021.

Hawaiian’s President and CEO Peter Ingram thanked the airline’s employees in a statement.

"A heartfelt mahalo to our team as they tirelessly worked through a year in which we had multiple projects in motion that make us a stronger, better airline. I am incredibly proud of what our team members do to care for our company, our guests and each other. We saw continued strong demand in our domestic markets and recovery in our international markets illustrating that Hawaiʻi is a top destination and we are the carrier of choice. I am excited to see what we can accomplish in 2023 as we continue to build a solid foundation for our future." -Peter Ingram, Hawaiian Airlines President & CEO

As of December 31, 2022, the company reported:

  • Unrestricted cash, cash equivalents, and short-term investments of $1.4 billion
  • An outstanding debt and finance lease obligations of $1.7 billion
  • An air traffic liability of $590.8 million
  • Liquidity of $1.6 billion, including an undrawn revolving credit facility of $235 million
Hawaiian Airlines Boeing 717-231 departing.
Photo: Phillip B. Espinasse/Shutterstock

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Overall operating earnings

The airline attributed the strength of the leisure market to its success in the last quarter of 2022. Hawaiian said it saw robust demand in its US Mainland to Hawaii routes and international routes excluding Japan. Demand also reportedly remained strong for the carrier’s premium products, with positive momentum in sales of its extra comfort product and a newer preferred seat option.

According to the company, the airline’s overall operating revenue for Q4 2022 was up 3% compared to Q4 2019, with 6% lower capacity. Overall operating income for the full year 2022 was down nearly 7% from 2019 due to lower capacity from the impacts of the Omicron variant that was experienced industry-wide in most of the first quarter.

Cargo revenue and sales of HawaiianMiles, the airline’s frequent flyer program, also experienced success in Q4 2022. Other earnings were up 35% compared to Q4 2019, and for the full year 2022, the report indicated an increase of 30% compared to 2019.

Looking ahead

The airline said it is focused on completing an extensive list of initiatives in 2023 which include preparing for the launch of freighter operations for Amazon Air, introducing a new passenger service system, and offering internet connectivity service on transpacific flights.

Hawaiian Airlines Boeing 787 Dreamliner
Photo: Hawaiian Airlines

Hawaiian is also planning on placing mobile technology in the hands of its guest-facing employees and welcoming brand-new Boeing 787-9 aircraft to its fleet.

Source: FlightGlobal