Hawaiian Holdings Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Operating Revenue Guidance for the First Quarter and Earnings Guidance for Full Year 2017; Reports Impairment Charge for the Fourth Quarter Ended December 31, 2016
For the full year, the company reported total operating revenue of $2,145,742,000 compared to $2,317,467,000 for the same period a year ago. Operating income was $409,462,000 compared to $426,103,000 for the same period a year ago. Income before income taxes was $393,464,000 compared to $295,688,000 for the same period a year ago. Net income was $244,131,000 or $4.52 per diluted share compared to $182,646,000 or $2.98 per diluted share for the same period a year ago. Adjusted net income was $280,081,000 or $5.19 per diluted share compared to $189,272,000 or $3.09 per diluted share in the prior year. Adjusted income before income taxes was $451,401,000 compared to $306,731,000 for the same period a year ago. EBITDAR was $662,769,000 and adjusted EBITDAR was $720,706.
For the quarter, the company announced revenue passenger flown of 2,730,000 compared to 2,658,000 a year ago. Revenue passenger miles were 3,932,713,000 RPM compared to 3,639,219,000 RPM a year ago. Available seat miles were 4,570,679,000 ASM compared to 4,391,792,000 ASM a year ago. Passenger revenue per RPM was 14.09 cents compared to 13.76 cents a year ago. Passenger load factor was 86.1% compared to 82.9% a year ago. Passenger revenue per ASM was 12.13 cents compared to 11.41 cents a year ago. Operating revenue per ASM was 13.85 cents compared to 13.07 cents a year ago.
For the full year 2017, the company announced revenue passenger flown of 11,051,000 compared to 10,673,000 a year ago. Revenue passenger miles were 15,492,509,000 RPM compared to 14,462,191,000 RPM a year ago. Available seat miles were 18,384,637,000 ASM compared to 17,726,322,000 ASM a year ago. Passenger revenue per RPM was 13.86 cents compared to 14.02 cents a year ago. Passenger load factor was 84.3% compared to 81.6% a year ago. Passenger revenue per ASM was 11.68 cents compared to 11.44 cents a year ago. Operating revenue per ASM was 13.33 cents compared to 13.07 cents a year ago.
For the fourth quarter, the company reported impairment charge of $49,361,000.
For the first quarter of 2017, the company expects operating revenue per ASM to be down 4% to up 7%. ASMS are expected to be up 2.5% to up 4.5%.
For the full year 2017, the company expects ASMS to be up 1% to up 4%. For 2017, the company expects effective tax rate to be in the range of 37% to 38%. Cash tax rate is expected to be slightly lower at approximately 34% of pretax income as used up remaining NOLs in 2016. CapEx to be in the range of $410 million to $420 million for the full year 2017 as made pre-delivery payments for upcoming aircraft deliveries and invest in business.