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Hawaiian Holdings reports 2019 second quarter financial results

Delivered on February 28, 2019

Hawaiian Holdings, Inc. , parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the second quarter of 2019.

“We’re encouraged by another quarter of strong performance,” said Peter Ingram, Hawaiian Airlines president and CEO. “For the last year and a half, we’ve delivered consistently solid operational and financial results while facing heightened competitive pressures head on.  I want to thank the entire Hawaiian ‘ohana for demonstrating day in and day out that no other airline is better suited to serve the needs of guests traveling to, from, and within the Hawaiian Islands than Hawaiian Airlines.”

Statistical information, as well as a reconciliation of the non-GAAP financial measures, can be found in the accompanying tables.

Shareholder Returns, Liquidity and Capital Resources

The Company returned $25.3 million to shareholders in the second quarter through share repurchases of $19.6 million and a dividend payment of $5.7 million.

On July 19, 2019, the Company’s Board of Directors declared a quarterly cash dividend of 12 centsper share to be paid on August 30, 2019 to all shareholders of record as of August 16, 2019.

As of June 30, 2019, the Company had:

  • Unrestricted cash, cash equivalents and short-term investments of $539 million
  • Outstanding debt and finance lease obligations of $565 million

Second Quarter 2019 Highlights

Leadership and People

  • Welcomed Justin Doane as Vice President of Labor Relations and David LeNoir Jr. as Vice President of Financial Planning and Analysis.

Operational

  • Ranked #1 nationally for on-time performance year-to-date through May 2019 as reported in the U.S. Department of Transportation Air Travel Consumer Report, adding to its record of 15 consecutive years as the most punctual U.S. airline.
  • Became the first U.S. airline to adopt the Pacelab Flight Profile Optimizer, a cutting-edge application by software provider PACE that enhances real-time aircraft and weather data to help determine the safest, most comfortable, and efficient flight routes while lowering annual fuel consumption and carbon emissions.
  • Announced the expansion of its in-house pilot training capabilities with its planned purchase of a Boeing 787-9 flight simulator to prepare for the arrival of its new Dreamliner fleet beginning early 2021.

Customer Experience

  • Debuted a newly designed lobby at Maui’s Kahului Airport (OGG), Hawai’i’s second busiest airport, as part of its ongoing plans to improve the day-of travel experience for its guests.  Similar lobby renovations are expected in 2019 at Kona International Airport (KOA), HiloInternational Airport (ITO), and Lihue Airport (LIH).

Routes and Network

  • Received a preliminary decision from the U.S. Department of Transportation for additional service from Tokyo Haneda Airport (HND) to Honolulu’s Daniel K. Inouye International Airport (HNL).  The additional service, expected to begin in early 2020, will expand Hawaiian’s existing service between Tokyo and Hawai’i that consists of flights between Haneda (HND) and Honolulu (HNL) and Kona (KOA), and Tokyo Narita International Airport (NRT) and Honolulu(HNL).
  • Continued its international expansion with the announcement of non-stop service between Fukuoka Airport (FUK) and Honolulu (HNL) beginning November 2019.
  • Continued its domestic expansion with the launch of non-stop service between SacramentoInternational Airport (SMF) and Maui (OGG), and non-stop service between Boston’s Logan International Airport (BOS) and Honolulu (HNL).

Fleet & Financing

  • Took delivery of one Airbus A321neo aircraft in May, increasing the size of its A321neo fleet to thirteen aircraft.
  • Retired its Boeing 717-200 Aircraft Facility with scheduled payments of approximately $45 million, increasing its unencumbered fleet to 37 aircraft.
  • On July 1, 2019, Fitch Ratings affirmed Hawaiian’s and the Company’s corporate rating of BB- with Stable outlook.

Third Quarter and Full Year 2019 Outlook

The table below summarizes the Company’s expectations for the third quarter ending September 30, 2019, and the full year ending December 31, 2019, expressed as an expected percentage change compared to the results for the quarter ended September 30, 2018, and the full year ended December 31, 2018, as applicable.

For the full year ending December 31, 2019, the Company expects its effective tax rate to be in the range of 26% to 28%.

Top Copyright Photo (all others by the airline): Hawaiian Airlines Airbus A321-271N WL N218HA (msn 8764) PAE (Nick Dean). Image: 945839.

Hawaiian Airlines aircraft slide show:

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Volaris reports its first quarter 2019 results

Delivered on July 17, 2018

Volaris has made this announcement:

Volaris has announced its financial results for the first quarter 2019.

The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).

First Quarter 2019 Highlights

  • Total operating revenues were Ps.7,192 million for the first quarter, an increase of 22.9% year over year.
  • Total ancillary revenues were Ps.2,563 million for the first quarter, an increase of 30.5% year over year. Total ancillary revenues per passenger for the first quarter reached Ps.517, increasing 12.1% year over year. Total ancillary revenues represented 35.6% of the total operating revenues for the first quarter 2019, increasing 2 percentage points with respect to the same period of last year.
  • Total operating revenues per available seat mile (TRASM) totaled Ps.126.1 cents for the first quarter, an increase of 9.0% year over year.
  • Operating expenses per available seat mile (CASM) were Ps.125.7 cents for the first quarter, a decrease of 0.7% year over year; with an average economic fuel cost per gallon of Ps.46.0 for the first quarter, an increase of 14.8% year over year.
  • Operating expenses excluding fuel, per available seat mile (CASM ex fuel) reached Ps.78.6 cents for the first quarter, a decrease of 5.8% year over year.
  • Operating income was Ps.26 million for the first quarter, an improvement compared with the operating loss of Ps.545 million for the same period of last year. Operating margin for the first quarter was 0.4%, an improvement in margin of 9.7 percentage points year over year.
  • Net income was Ps.519 million (Ps.0.51 per share / US$0.26 per ADS), with a net margin of 7.2% for the first quarter.
  • At the close of the first quarter, the Mexican peso had appreciated 1.5% against the U.S. dollar with respect to the end of period exchange rate of the previous quarter (Ps.19.68 per US dollar). The Company booked a foreign exchange gain of Ps.1,154 million as a consequence of our U.S. dollar net monetary liability position, as result of the adoption of IFRS16.
  • Net cash flow provided by operating activities was Ps.3,731 million, in conjunction with cash flow used in investing activities of Ps.379 million and in financing activities of Ps. 2,063 million. The negative net foreign exchange difference was Ps.82 million, with net cash generation in the first quarter of Ps.1,208 million. As of March 31, 2019, cash and cash equivalents were Ps.7,071 million.

Resilient Macroeconomics, Domestic Consumer Demand with Peso Depreciation and Fuel Price Pressures

  • Resilient macroeconomics and domestic consumer demand:  The macroeconomic indicators in Mexico during the first quarter were stable, with same store sales[1] increasing 2.1% year over year; remittances[2] increased 6.4% year over year during first two months of the year; and the Mexican Consumer Confidence Balance Indicator (BCC) [3] increasing in the first quarter 36% year over year.
  • Air traffic volume increase: The Mexican DGAC reported overall passenger volume growth for Mexican carriers of 5.6% year over year for the first two months of 2019; domestic overall passenger volume increased 5.3%, while international overall passenger volume remained at the same level.
  • Exchange rate volatility: The Mexican peso depreciated 2.4% year over year against the US dollar, from an average exchange rate of Ps.18.76 pesos per US dollar in the first quarter 2018 to Ps.19.22 pesos per US dollar during the first quarter 2019. At the end of the first quarter, the Mexican peso appreciated 1.5% with respect to the end of period exchange rate of the previous quarter. The Company booked a foreign exchange gain of Ps.1,154 million as a consequence of our US dollar net monetary liability position, resulting from the adoption of IFRS16.
  • Higher fuel prices: The average economic fuel cost per gallon increased 14.8% to Ps.46.0 per gallon (US$2.4) in the first quarter 2019, year over year.

Passenger Traffic Stimulation, Further Ancillary Revenue Expansion, and Positive TRASM Growth

  • Passenger traffic stimulation: Volaris booked 5.0 million passengers in the first quarter 2019, up 16.4% year over year. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) increased 14.2% year over year. System load factor during the first quarter increased 1.0 percentage point to 83.2% year over year.
  • Positive TRASM growth: For the first quarter 2019, TRASM increased 9.0% year over year. During the first quarter 2019, the total capacity, in terms of ASMs, increased 12.8% year over year.
  • Total ancillary revenue growth: For the first quarter 2019, total ancillary revenues increased 30.5% year over year. Total ancillary revenues per passenger for the first quarter of 2019 increased 12.1% year over year. The total ancillary revenue generation continues to grow with new and matured products, appealing to customers’ needs, representing 35.6% of total operating revenues for the first quarter, up 2 percentage points year over year.
  • New routes: Volaris began operations in 16 new domestic routes from or to its focus cities Mexico City, Guadalajara, Tijuana and others. Additionally, Volaris launched 17 routes, 10 domestic (Mexico to Ciudad Juarez, Puerto Escondido and Durango; Queretaro to Chihuahua and Puerto Vallarta; Guadalajara to Durango and Queretaro; Monterrey to Oaxaca and Los Cabos; Ciudad Juarez to Chihuahua) and 7 international  (Mexico and Guadalajara to El Salvador; Durango to Dallas; Puerto Vallarta to Phoenix; Queretaro to Chicago;  Aguascalientesto Chicago (Midway); and Chihuahua to Albuquerque.

The Cost Control Discipline Offset Fuel Price Pressure and Peso Depreciation

  • CASM and CASM ex fuel for the first quarter 2019 reached Ps.125.7 (US$6.5 cents) and Ps.78.6 cents (US$4.1 cents), respectively. This represented a decrease of 0.7% and 5.8%, respectively; mainly driven by tightening cost control discipline, despite the higher average economic fuel cost per gallon of 14.8% and an average exchange rate depreciation of 2.4%.

Young and Fuel-efficient Fleet

  • During first quarter 2019, the Company incorporated one aircraft (A321neo) to its fleet; during this quarter no redeliveries were registered. As of March 31, 2019, Volaris’ fleet was composed of 78 aircraft (8 A319s, 55 A320s and 15 A321s), with an average age of 4.8 years. At the end of the first quarter 2019, Volaris’ fleet had an average of 186 seats, 74% of which were in sharklet-equipped aircraft, and 22% were NEO.

Solid Balance Sheet and Good Liquidity

  • Net cash flow provided by operating activities was Ps.3,731 million, in conjunction with cash flow used in investing activities of Ps.379 million and in financing activities of Ps. 2,063 million; negative net foreign exchange difference was Ps.82 million, while the net cash generation in the first quarter was Ps.1,208 million. As of March 31, 2019, cash and cash equivalents were Ps.7,071 million, representing 24.7% of last twelve months operating revenues. Volaris registered negative net debt (or a positive net cash position) of Ps.4,018 million (excluding lease liability recognized under IFRS16 adoption) and total equity of Ps.3,624 million.

Transition to IFRS 16

  • The Company adopted IFRS 16 as of January 1st, 2019, using the full retrospective method. The cumulative effect of adopting IFRS 16 has been recognized as an adjustment to the opening balance as of January 1st, 2017 as an increase in assets and liabilities and an adjustment in the retained earnings. The full disclosure of this initial adoption is included in the Company´s 2018 annual report.
  • This quarterly earnings release includes supplemental information for comparable purposes, with recast 2018 figures with the IFRS 16 adoption effects and were derived from unaudited financial statements included in the quarterly reports on Form 6-K during the year ended as of December 31, 2018.
  • Since all the aircraft and engine lease contracts are denominated in USDs, starting on March 25, 2019, the Company established a hedge on its USD denominated revenues using the lease liabilities denominated in USD as a hedge instrument. This hedging relationship is designated as a cash flow hedge of forecasted revenues to mitigate the volatility of the foreign exchange variation arising from the revaluation of its lease liabilities. The impact of this hedge will be presented as part of the total operating revenues; however, it was not material for the results of this first quarter.
  • Additionally, on the same date, the Company established a hedge on a portion of its forecasted fuel expense using as hedge instrument a portion of its USD denominated monetary assets. This hedging relationship is designated as a cash flow hedge of forecasted fuel expense to mitigate the volatility of the foreign exchange variation arising from the revaluation of this portion of USD denominated monetary asset. The impact of this hedge will be presented as part of the total fuel expense; however, it was not material for the results of this first quarter.

Top Copyright Photo: Volaris Airbus A321-271N WL N537VL (msn 8144) LAX (Michael B. Ing). Image: 944620.

Volaris aircraft slide show:

Hawaiian Airlines carries a record 11.8 million passengers in 2018

Hawaiian Airlines Airbus A321-271N WL N212HA (msn 8129) LAX (Michael B. Ing). Image: 943866.

Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc.has announced its system-wide traffic statistics for the month, quarter, and full year ended December 31, 2018.

Hawaiian welcomed a record 11,840,178 guests in 2018, a 2.9 percent increase over the previous year.  The record number of passengers in 2018 marks 14 straight years of growth as Hawaiian continues to expand its network and fleet, providing travelers with more options to fly to, from, and within the Hawaiian Islands than any other carrier.

Hawaiian took delivery of nine A321neo aircraft (top) in 2018, bringing the total size of its A321neo fleet to 11 aircraft.  The A321neo will help the airline build upon its already strong U.S. West Coast presence, including new daily nonstop service to Maui’s Kahului Airport from Portland, Sacramento and San Diego international airports, as well as to Honolulu’s Daniel K. Inouye International Airport from Long Beach.

The airline will also begin new five-times-a-week nonstop service to Honolulu from Boston’s Logan International Airport on April 4.

Top Copyright Photo: Hawaiian Airlines Airbus A321-271N WL N212HA (msn 8129) LAX (Michael B. Ing). Image: 943866.

Hawaiian Airlines aircraft slide show:

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Hawaiian Airlines updates expected third quarter and full year 2018 metrics

Delivered on June 15, 2018

Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc., has updated its expectations for certain third quarter and full year 2018 financial metrics.

Third Quarter 2018 Outlook

The Company has revised certain of its expectations for the third quarter ending September 30, 2018that were previously provided on July 24, 2018.

Specifically, the Company lowered its expectations for third quarter operating revenue per available seat mile (RASM) as a result of service disruptions, passenger cancellations and booking interruptions stemming from Hurricane Lane that affected the Hawaiian island chain in late August 2018.

The table below summarizes the Company’s revised expectations, expressed as an expected percentage change compared to the results for the third quarter ended September 30, 2017.

Prior Third Quarter

2018 Guidance

Revised Third Quarter
2018 Guidance

Operating revenue per ASM (RASM)

Down 1.5% – Up 1.5%

Flat – Down 2.0%

Full Year 2018 Outlook

The Company has also revised certain of its expectations for the full year ending December 31, 2018that were previously provided on July 24, 2018.

Specifically, the Company lowered its expectations for full year ASMs and gallons of jet fuel consumed following the planned suspension of its thrice-weekly nonstop service between Honolulu’s Daniel K. Inouye International Airport (HNL) and Beijing Capital International Airport (PEK) effective mid-October 2018.

The Company’s expectations for full year operating costs per ASM (CASM) excluding aircraft fuel and special items remain unchanged.

The table below summarizes the Company’s revised expectations, expressed as an expected percentage change compared to the results for the year ended December 31, 2017.

Prior Full Year 2018
Guidance

Revised Full Year 2018
Guidance

Available seat miles (ASMs)

Up 5.5 – 7.5%

Up 5.0 – 7.0%

Gallons of jet fuel consumed (000s)

Up 4.0 – 6.0%

Up 3.5 – 5.5%

Copyright Photo: Hawaiian Airlines Airbus A321-271N WL N212HA (msn 8129) LGB (Michael B. Ing). Image: 943083.

Hawaiian aircraft slide show:

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Hawaiian Holdings reports 2018 second quarter financial results

Delivered on June 30, 2018

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., today reported its financial results for the second quarter of 2018.

Second Quarter 2018 – Key Financial Metrics

GAAP

YoY Change

Adjusted

YoY Change

Net Income

$79.5M

+$2.6M

$73.3M

$(8.4)M

Diluted EPS

$1.56

+$0.13

$1.44

$(0.08)

Pre-tax Margin

14.8%

(3.7) pts.

13.7%

(5.9) pts.

“Our second quarter performance reflects our continued position as the carrier of choice for Hawai’i,” said Peter Ingram, Hawaiian Airlines president and CEO.  “The Hawaiian team showed their mettle yet again, producing solid financial and operational results in a quarter marked by rising fuel prices, elevated industry capacity, and headline-grabbing volcanic activity on the Big Island of Hawai’i.  We generated more revenue and carried more guests than in any second quarter in our history by executing our plan and running a safe and reliable airline.  I couldn’t be more proud of my colleagues.”

Statistical information, as well as a reconciliation of the non-GAAP financial measures, can be found in the accompanying tables.

Shareholder Returns, Liquidity and Capital Resources

As of June 30, 2018, the Company had:

  • Unrestricted cash, cash equivalents and short-term investments of $593 million
  • Outstanding debt and capital lease obligations of $692 million

The Company returned $8.6 million to shareholders in the second quarter through $6.1 million in dividends and $2.5 million in share repurchases.

On July 20, 2018, the Company’s Board of Directors declared a quarterly cash dividend of 12 cents per share to be paid on August 31, 2018, to all shareholders of record as of August 17, 2018.

Second Quarter 2018 Highlights

Operational

  • Carried more than 3 million guests across its network, a record for the second quarter.

Partnerships

  • Together with Japan Airlines, filed an application with the U.S. Department of Transportation (DOT) and Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) seeking antitrust immunity to create a joint venture that promises significant consumer benefits and the opportunity for service expansion.  The antitrust immunized joint venture will build upon the broad codeshare partnership the two carriers initiated in March 2018.

New Routes and increased frequencies

  • Expanded its routes to Southern California with the launch of new daily non-stop service between Long Beach Airport (LGB) and Honolulu’s Daniel K. Inouye International Airport (HNL).
  • Announced expanded seasonal winter service to International destinations, including:
    • increasing non-stop service between Seoul’s Incheon International Airport (ICN) and Honolulu (HNL) to daily flights between mid-January and early-February 2019; and
    • increasing non-stop service between Sapporo’s New Chitose Airport (CTS) and Honolulu (HNL) with up to five weekly flights during the first half of February 2019.
  • Announced expanded service to Northern California with new daily non-stop flights between Sacramento International Airport (SMF) and Maui’s Kahului Airport (OGG) beginning April 2019.

Product and Loyalty

  • Completed remodeling its Airbus A330 fleet with lie-flat premium seats and increased Extra Comfort capacity.
  • Together with Barclays, Mastercard, and Bank of Hawai’i, launched an enhanced Hawaiian Airlines World Elite Mastercard and Hawaiian Airlines Business Mastercard that allow cardmembers to earn more miles faster and embark on their next vacation sooner through a refreshed rewards structure.

Fleet and Financing

  • Subsequent to quarter end, secured its next long-haul aircraft with the signing of a definitive purchase agreement with Boeing for the purchase of 10 Boeing 787-9 aircraft (below), including purchase rights for an additional 10 aircraft.
  • Took delivery of four Airbus A321neo aircraft between May and June (top), increasing the size of its Airbus A321neo fleet to six aircraft.
  • Took delivery of one ATR 42 turboprop aircraft in June, increasing the size of its passenger turboprop fleet to four aircraft.
  • Entered into two Japanese Yen-denominated debt financings, each collateralized by an Airbus A321neo aircraft.

Third Quarter and Full Year 2018 Outlook

The table below summarizes the Company’s expectations for the third quarter ending September 30, 2018, and the full year ending December 31, 2018, expressed as an expected percentage change compared to the recast results for the quarter ended September 30, 2017, or the full year ended December 31, 2017, as applicable.

For the full year ending December 31, 2018, the Company expects its effective tax rate to be in the range of 24% to 26%.

Third Quarter

GAAP Third Quarter

Item

2018 Guidance

GAAP Equivalent

2018 Guidance

ASMs

Up 7.5 – 9.5%

Operating revenue per ASM

Down 1.5% – Up 1.5%

Cost per ASM excluding fuel and special items (a)

Up 0.5 – 3.5%

Cost per ASM (a)

Up 6.8 – 10.3%

Gallons of jet fuel consumed

Up 5.0 – 7.0%

Economic fuel cost per gallon (b)(c)

$2.10 – $2.20

Fuel cost per gallon (b)

$2.21 – $2.31

Full Year

GAAP Full Year

Item

2018 Guidance

GAAP Equivalent

2018 Guidance

ASMs

Up 5.5 – 7.5%

Cost per ASM excluding fuel and special items (a)

Up 1.0 – 3.0%

Cost per ASM (a)

Up 6.3 – 9.0%

Gallons of jet fuel consumed

Up 4.0 – 6.0%

Economic fuel cost per gallon (b)(c)

$2.05 – $2.15

Fuel cost per gallon (b)

$2.15 – $2.25

(a)

See Table 4 for a reconciliation of GAAP operating expenses to operating expenses excluding aircraft fuel and special items.

(b)

Fuel cost per gallon estimates are based on the July 12, 2018, fuel forward curve.

(c)

See Table 3 for a reconciliation of GAAP fuel costs to economic fuel costs.

New Revenue Recognition Accounting Standard

As of January 1, 2018, the Company adopted Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, which affects the Company’s accounting for frequent flyer mileage sales, passenger revenue, other operating revenue, and selling costs.  The prior periods presented have been recast to reflect adoption of these new standards.

For additional details on the impact of the adoption of the new standards, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and the Company’s subsequent periodic filings beginning with its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.

Top Copyright Photo (all others by Hawaiian): Hawaiian Airlines Airbus A321-271N WL N209HA (msn 8186) LGB (Michael B. Ing). Image: 942911.

Hawaiian Airlines aircraft slide show:

Hawaiian Airlines to add daily Sacramento-Maui service

Hawaiian Airlines Airbus A321-271N WL N202HA (msn 7917) LAX (Michael B. Ing). Image: 940199.

Hawaiian Airlines today announced it will begin daily nonstop flights between Sacramento (SMF) and Kahului, Maui (OGG) next year, offering convenient, direct access to the Valley Isle on the airline’s new Airbus A321neo from California’s capital city.

Sacramento-Maui schedule:

FLIGHT

ROUTE

DEPARTS

ARRIVES

START DATE

HA59

SMF-OGG

8:30 a.m.

11:15 a.m.

April 2, 2019

HA60

OGG-SMF

12:45 p.m.

8:55 p.m.

April 1, 2019

Hawaiian, Hawai’i’s largest and longest-serving carrier, launched its SacramentoHonolulu service in June 2002. The carrier currently operates four Airbus A321neos on the following routes: Portland and Honolulu and Kahului, Maui; San Diego and Kahului, Maui; and Long Beach and Honolulu.

The highly efficient, mid-range A321neo aircraft complement Hawaiian’s fleet of wide-body aircraft currently used for service between Hawai’i and 12 U.S. gateway cities, along with 10 international destinations. Hawaiian’s 189-passenger A321neo includes 16 luxurious leather recliners in First Class, 44 Extra Comfort premium economy seats, and 129 Economy seats. In addition to Hawaiian’s warm hospitality, including complimentary meals, guests will enjoy wireless streaming in-flight entertainment, access to USB outlets, and additional overhead stowage space.

HNL Gate renumbering:

Copyright Photo (all others by Hawaiian): Hawaiian Airlines Airbus A321-271N WL N202HA (msn 7917) LAX (Michael B. Ing). Image: 940199.

Hawaiian aircraft slide show:

Philippine Airlines takes delivery of its first Airbus A321neo aircraft

Philippine Airlines (PAL) has taken delivery of its first Airbus A321neo aircraft in Hamburg, Germany.

The pictured Airbus A321-271N D-AVZM was handed over as RP-C9930 (msn 8117) on May 31, 2018.

This is the first of 21 A321neo aircraft ordered by the airline under its fleet renewal program. Powered by Pratt and Whitney Pure Power engines, the new aircraft features a premium two class layout with 12 business class seats and 154 seats in the main cabin.

Selected for its outstanding operational efficiency, comfort and range, Philippine Airlines will deploy the A321neo aircraft across the Asia-Pacific region, including Australia and India.

The A321neo joins an existing Airbus fleet at Philippine Airlines that currently includes 25 A320ceo Family aircraft, 15 widebody A330s and five A340s. The carrier will also take delivery of the first of six A350-900 widebody aircraft on order later this year.

Photos: Airbus.