During the first quarter of 2015, Hawaiian Holdings, parent company of Hawaiian Airlines, reported adjusted net income, reflecting economic fuel expense and excluding loss on extinguishment of debt, of $24.7 million or $0.38 per diluted share, an increase of $25.6 million or $0.40 cents per diluted share year-over-year. The airline reported adjusted pre-tax margin of 7.4% compared to (0.2)% in the prior year period. During the period, Hawaiian succeeded in lowering its leverage ratio to 3.6x, while its board of directors approved a share repurchase program authorizing the Company to buy back up to $100 million of its common stock.
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