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Shares of Hawaiian Holdings, Inc. (NASDAQ: HA) plunged heavily on Friday on back of worse than expected fourth-quarter earnings and lowering of first-quarter guidance. Mark Dunkerley, Hawaiian Air president and CEO, was on CNBC post the declaration of results to talk about how lower oil prices and strength in dollar is affecting the company’s business.
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“Well, I think most people who have been buying oil over the course of the last couple of years were by surprise by how quickly the oil prices dropped,” Dunkerley said. “But frankly I don’t think our hedged positions have much to do with the stock performance today. We don’t hedge to speculate in the market, we hedge to reduce volatility in our financial results and that philosophy and that program is going to continue just as we are.”
He continued, “I think, where the market was reacting to is that we, to two things yesterday, we announced a good 2014 and we spoke with a great deal of confidence about 2015 and we at the same time acknowledged some revenue weakness in the first-quarter and that seems to be what caught the imagination of the market today.”
What’s Causing That Revenue Weakness In The First-Quarter?
“I think there are a number of things in the first-quarter, we have got the affect of a strong US dollar,” Dunkerley said. “We fly throughout Asia, most of the people sitting on airplanes are from Asia, buy their tickets in overseas currencies and they are translating into fewer dollars than this time last year. So, that clearly has an impact…at the same time between North America and Hawaii, capacity is up about 10p year-over-year and that is in our airline industry quite a big number.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.