Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Hawaiian Holdings (NASDAQ: HA ) popped as much as 10% today after announcing earnings.
So what: First-quarter revenue was up 6.9% and net loss improved from $17.1 million a year ago to $5.1 million, or $0.10 per share, in the quarter. On an adjusted basis, which pulls out changes in fuel expenses, the loss was $0.02 per share, which was below the expected loss of $0.12 from analysts and that's what really caused the pop today.
Now what: Operationally, Hawaiian Airlines is performing well as the top-ranked, on-time airline in 2013. Management does expect some price pressure in the second quarter with cost per average seat mile rising faster than revenue per average seat mile. With that said, the company is performing well, and at 12 times expected earnings this year, I think there's still value for investors.
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