Hawaiian Airlines posted net income of $10.6 million, or 20 cents per diluted share, compared to $37.9 million, or 66 cents per diluted share, reported for the fourth quarter of 2015.
The Honolulu-based airline reported full-year net income of $244.1 million, or $4.52 per diluted share, in 2016, a 33.7 percent increase from the year ago period of $182.6 million, or $2.98 per diluted share. Earnings per diluted share was $4.52, up $1.54 from last year.
“2016 was a great year for us,” said Mark Dunkerley, Hawaiian Airlines president and CEO. “The business environment has been characterized by strong demand, balanced industry capacity in our markets and manageable fuel prices.
Our hard working team has done a good job ensuring that the investments we made in our business at the beginning of this decade continue to deliver the returns we anticipated from them," Dunkerley said. "Our business is stronger and we are growing value for our shareholders, giving us great confidence for 2017 and beyond.”
Total revenue rose 10.2 percent to $632.9 million in the fourth quarter, from $574.2 million during the same quarter in 2015, and Hawaiian’s adjusted earnings per share of $1.28 met Yahoo Finance analysts' average expectations.
For the full year, revenue increased 5.7 percent to $2.5 billion from $2.3 billion, while the adjusted EPS of $5.19 missed the mark by 3 cents.
The stock closed Tuesday at $54.95 per share, up 1.1 percent from Monday’s close.
(Katie Murar - Pacific Business News)