The parent of Hawaiian Airlines today reported earnings of $54.3 million during a second quarter which saw the collapse of Aloha Airlines and the settlement of Hawaiian's lengthy legal battle with Mesa Air Group.

Hawaiian Holdings Inc. said it netted $1.09 per share during the three months ending June 30, which compares with a net loss of 8 cents per share, or a loss of $3.9 million, during the year-earlier period.

The positive earnings news wasn't enough to overcome Wall Street's pessimism about airline stocks. Shares of Hawaiian dropped $1.28, or 13.8 percent, to $8.11 on the Nasdaq Stock Market this afternoon.