Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc. (HA) ("Company"), has announced its system-wide traffic statistics for the month of November and year to date. It also updated its expectations for certain fourth quarter and full year financial metrics and is announcing a new share repurchase authorization.
Fourth Quarter & Full Year 2017 Outlook
The Company has revised certain of its expectations for the quarter and year ending December 31, 2017 that were previously provided in its Third Quarter 2017 Earnings Release on October 19, 2017.
Specifically, the Company revised its estimates for operating revenue per ASM for the quarter and year ending December 31, 2017, due to better than expected close-in bookings and improved cargo revenue, expressed as an expected percentage change compared to the results for the quarter and year ended December 31, 2016.
The Company believes that economic fuel expense is a good measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus losses/(gains) realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.
New Share Repurchase Authorization
The Company is also announcing a new $100 million stock repurchase program in effect through December 31, 2019, which is in addition to the current $100 million authorization under which the Company has repurchased $90.5 million, or 2.27 million shares, year to date.