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Mar 31, 2021
JetBlue Q1 2021 Earnings Report
Reported a GAAP loss per share of ($0.78). Revenue declined 61% year over two as a result of the impact of COVID-19.
Key Takeaways
JetBlue reported a GAAP loss per share of ($0.78) for Q1 2021, with revenue declining 61% compared to 2019 due to the impact of COVID-19. However, the decline was on the lower end of prior expectations, driven by sustained momentum in leisure travel bookings. The company reduced capacity by 41% and operating expenses by 43% year over two.
GAAP loss per share of ($0.78) in the first quarter of 2021, versus diluted earnings per share of $0.14 in the first quarter of 2019.
First quarter 2021 revenue declined 61% year over two as a result of the impact of COVID-19.
Reduced first quarter 2021 capacity by 41% year over two.
Adjusted EBITDA in the first quarter of 2021 was ($458) million.
Revenue by Segment
Forward Guidance
For the second quarter of 2021, JetBlue expects revenue to decline between 30% and 35% year over two and capacity to decline approximately 15% year over two. They estimate EBITDA will range between ($100) and ($200) million and believe they will reach breakeven on an EBITDA basis in the third quarter.
Positive Outlook
- Largest sequential improvement in our revenue since the start of the pandemic.
- Expect unit revenue to significantly improve, driven by both increasing load factors and improving yields.
- Estimate EBITDA will range between ($100) and ($200) million
- Believe we will reach breakeven in the third quarter
- Expect to remain in positive territory through the end of the year.
Challenges Ahead
- Cost pressures from fuel prices
- Cost pressures from airport rents
- Cost pressures from landing fees.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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