It has been about a month since the last earnings report for Hawaiian Holdings . Shares have added about 8.6% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Hawaiian Holdings due for a pullback? 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 catalysts.

Wider-Than-Expected Loss in Q1

Hawaiian Holdings’ first-quarter 2024 loss (excluding 12 cents from non-recurring items) of $2.77 per share was wider than the Zacks Consensus Estimate of a loss of $2.75. HA incurred a loss of $2.17 per share in the year-ago quarter. The results were aided by strong air travel demand. Passenger revenues increased 6.4% year over year. Driven by upbeat passenger revenues, the top line increased 5.4% to $645.6 million, surpassing the Zacks Consensus Estimate of $630.6 million.

For the second quarter of 2024, available seat miles or ASM are projected to increase 3.5-6.5% from second-quarter 2023 levels. Total revenues per available seat miles are anticipated to to be down 1.5% to up 1.5% compared with the year-ago level. Costs per ASM (excluding fuel & non-recurring items) are expected to rise 5-8% from second-quarter 2023 numbers. Gallons of jet fuel consumed are expected to increase 2.5-5.5% from the second-quarter 2023 level. Adjusted fuel price per gallon is expected to be $2.85 in second-quarter 2024. The effective tax rate is anticipated to be 10% in the June quarter.

ASMs are projected to increase in the 4.5-7.5% band for full-year 2024. Costs per ASM (excluding fuel & non-recurring items) for 2024 are expected to rise 1-4% from 2023 actuals. Adjusted fuel price per gallon is expected to be $2.83 in the current year. Gallons of jet fuel consumed are expected to increase 3-6% from the 2023 level. Current-year capex is still expected in the $500-$550 million range.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended downward during the past month.

The consensus estimate has shifted -146.84% due to these changes.

VGM Scores

At this time, Hawaiian Holdings has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. 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.

Performance of an Industry Player

Hawaiian Holdings belongs to the Zacks Transportation - Airline industry. Another stock from the same industry, Delta Air Lines (DAL Quick QuoteDAL - Free Report) , has gained 7.6% over the past month. More than a month has passed since the company reported results for the quarter ended March 2024.

Delta reported revenues of $13.75 billion in the last reported quarter, representing a year-over-year change of +7.8%. EPS of $0.45 for the same period compares with $0.25 a year ago.

For the current quarter, Delta is expected to post earnings of $2.40 per share, indicating a change of -10.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +1.9% over the last 30 days.

Delta has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.