Hawaiian Holdings, Inc.’s (NASDAQ:HA) wholly owned subsidiary, Hawaiian Airlines, reported traffic figures for May. Traffic (measured in Revenue Passenger Miles or RPMs) increased 5.8% to around 1.53 billion.
Available Seat Miles (ASMs) also climbed 4.1% to 1.75 billion in the month. Load factor (percentage of seats filled by passengers) improved 140 basis points (bps) to 87.3% as traffic growth outpaced capacity expansion.
In the first five months of the year, Hawaiian Airlines witnessed a 3.4% rise in RPMs to 7.09 billion. Also, ASMs rose 3.2% to 8.3 billion. As a result, load factor inched up 20 bps to 85.5%. However, passenger count dipped 1.8% to 4.78 billion.
The encouraging traffic report bears evidence of the carrier’s strong travel demand. To cater to this growing demand, the airline has been making consistent efforts to expand its network. To this end, last month, the carrier received Department of Transportation’s tentative approval to start a new flight connecting Honolulu and Haneda Airport. Notably, the carrier already has a substantial presence in Tokyo.
Apart from this Zacks Rank #3 (Hold) company, other U.S. carriers like American Airlines (NASDAQ:AAL) , Delta Air Lines (NYSE:DAL) and United Continental Holdings (NASDAQ:UAL) have also been granted a preliminary approval to add flights to Tokyo’s Haneda Airport. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While Delta has been granted an approval to conduct flights from Atlanta, Seattle, Detroit, Portland and Honolulu to Haneda Airport, American Airlines has received a provisional approval to launch daily flights connecting Haneda Airport with Dallas Fort Worth in addition to a second daily flight to Los Angeles International Airport. Meanwhile, United Continental was tentatively awarded four slots.
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