Hawaiian Holdings (HA) - Get Report shares rose more than 7% Tuesday after the airline company reported higher traffic and raised its revenue-per-available-seat-mile guidance for the third quarter ended Sept. 30.
The parent of Hawaiian Airlines company increased its ASM guidance by 0.5% after previously projecting a drop in the key metric. The company said it raised its estimates for operating revenue per ASM "due to better than expected yields in long-haul markets, particularly in [the] international entity."
Hawaiian also said total traffic rose 3% in September on an increase of 0.7% in capacity from September 2018. Its load factor increased 1.9 points to 85.5%.
For the third quarter ended Sept. 30, total traffic increased 2.7% on a decrease of 0.4% in capacity. The load factor increased 2.7 points to 87.8%, the company said.
The stock closed up 7.1% at $27.