Hawaiian Holdings Burns Cash as Hawaii Travel Grinds to a Halt
The second quarter was an extremely rough period for U.S. airlines, as the COVID-19 pandemic ravaged air travel demand. And one airline was hit particularly hard by the pandemic: Hawaiian Holdings (NASDAQ: HA).
In late March, the State of Hawaii began requiring a 14-day quarantine for anyone arriving there (both residents and visitors). Meanwhile, stay-at-home orders were imposed across the state. These measures to prevent the spread of COVID-19 virtually eliminated tourism, as well as local air travel. The effect on Hawaiian Airlines (which only operates to, from, and within Hawaii) was predictable.
With most of its markets virtually closed last quarter, Hawaiian Airlines slashed its capacity 92.1% year over year. Revenue plunged 91.6%, including a 95.4% drop in passenger revenue and a 48.5% decline in cargo and other revenue.
Source Fool.com
