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Why Is Hawaiian Holdings (HA) Down 19.7% Since Last Earnings Report?
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It has been about a month since the last earnings report for Hawaiian Holdings (HA - Free Report) . Shares have lost about 19.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Hawaiian Holdings due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Narrower-Than-Expected Loss in Q2
Hawaiian Holdings’ second-quarter 2023 loss (excluding 23 cents from non-recurring items) of 47 cents per share was narrower than the Zacks Consensus Estimate of a loss of 55 cents. HA incurred a loss of 90 cents in the year-ago quarter. The results were aided by strong air travel demand. Passenger revenues increased 4.5% year over year. Driven by upbeat passenger revenues, the top line increased 2.2% to $706.9 million, edging past the Zacks Consensus Estimate of $705.1 million.
For the third quarter of 2023, available seat miles or ASM are projected to increase 4.5-7.5% from third-quarter 2022 levels. Total revenues per available seat miles are anticipated to decrease 2-5% from third-quarter 2022 levels. Costs per ASM (excluding fuel & non-recurring items) are expected to rise 7-10% from third-quarter 2022 numbers. Gallons of jet fuel consumed are expected to increase 8-11% from third-quarter 2022 level. Fuel price per gallon is expected to be $2.67 in third-quarter 2023. The effective tax rate is anticipated to be 21% in the third quarter.
ASMs are projected to increase in the 9.5-12.5% band for full-year 2023. Costs per ASM (excluding fuel & non-recurring items) for 2023 are expected to rise 1-5% from 2022 actuals. Fuel price per gallon is expected to be $2.70 in the current year. Gallons of jet fuel consumed are expected to increase 12.5-15.5% from the 2022 level.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -60.53% due to these changes.
VGM Scores
At this time, Hawaiian Holdings has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Hawaiian Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is Hawaiian Holdings (HA) Down 19.7% Since Last Earnings Report?
It has been about a month since the last earnings report for Hawaiian Holdings (HA - Free Report) . Shares have lost about 19.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Hawaiian Holdings due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Narrower-Than-Expected Loss in Q2
Hawaiian Holdings’ second-quarter 2023 loss (excluding 23 cents from non-recurring items) of 47 cents per share was narrower than the Zacks Consensus Estimate of a loss of 55 cents. HA incurred a loss of 90 cents in the year-ago quarter. The results were aided by strong air travel demand. Passenger revenues increased 4.5% year over year. Driven by upbeat passenger revenues, the top line increased 2.2% to $706.9 million, edging past the Zacks Consensus Estimate of $705.1 million.
For the third quarter of 2023, available seat miles or ASM are projected to increase 4.5-7.5% from third-quarter 2022 levels. Total revenues per available seat miles are anticipated to decrease 2-5% from third-quarter 2022 levels. Costs per ASM (excluding fuel & non-recurring items) are expected to rise 7-10% from third-quarter 2022 numbers. Gallons of jet fuel consumed are expected to increase 8-11% from third-quarter 2022 level. Fuel price per gallon is expected to be $2.67 in third-quarter 2023. The effective tax rate is anticipated to be 21% in the third quarter.
ASMs are projected to increase in the 9.5-12.5% band for full-year 2023. Costs per ASM (excluding fuel & non-recurring items) for 2023 are expected to rise 1-5% from 2022 actuals. Fuel price per gallon is expected to be $2.70 in the current year. Gallons of jet fuel consumed are expected to increase 12.5-15.5% from the 2022 level.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -60.53% due to these changes.
VGM Scores
At this time, Hawaiian Holdings has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Hawaiian Holdings has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.