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Mar 31, 2022
JetBlue Q1 2022 Earnings Report
JetBlue reported a GAAP loss per share of ($0.79) and total operating revenues of $1.736 billion.
Key Takeaways
JetBlue's first quarter results showed a strong demand acceleration with revenue coming in ahead of expectations. The company is reducing capacity growth to restore operational reliability and is investing in improving operational performance. Despite the current operating and fuel environment, JetBlue is seeing underlying momentum on its path to transforming JetBlue’s structural profitability.
Reported GAAP loss per share of ($0.79) in the first quarter of 2022 compared to diluted earnings per share of $0.14 in the first quarter of 2019.
Adjusted loss per share was ($0.80) in the first quarter of 2022 versus adjusted diluted earnings per share of $0.16 in the first quarter of 2019.
Revenue declined 7.2% year over three, compared to our guidance of a 6% to 9% decline year over three.
JetBlue ended the first quarter of 2022 with approximately $2.9 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities.
Revenue by Segment
Forward Guidance
For the second quarter, JetBlue expects capacity to increase in a range between 0% and 3% year over three, and revenue to increase between 11% and 16% year over three. CASM ex-Fuel is forecasted to increase 15% to 17% year over three.
Positive Outlook
- Expects revenue to increase between 11% and 16% year over three.
- Revenue performance for the second quarter is expected to be a record result.
- Positioned to accelerate revenue momentum through the summer.
- Planning to grow capacity between 0% and 5% versus 2019 for the full-year 2022.
- Operational investments and capacity reductions will improve operational performance in the coming months.
Challenges Ahead
- Significantly higher fuel prices and investments in the operation are delaying our return to sustained pre-tax profitability.
- Reducing full-year capacity growth as we work to restore operational reliability and catch up on a backlog of training events.
- Reducing full-year capacity growth as we remain mindful of elevated fuel prices.
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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