Hawaiian Airlines stock sinks toward 12-year low as Lahaina wildfires led to disappointing results

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Shares of Hawaiian Airlines parent Hawaiian Holdings Inc.
HA,
+2.87%
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
SPX,
+0.73%
has given up 6.7%.

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