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Mar 31, 2023
JetBlue Q1 2023 Earnings Report
JetBlue's first quarter financial results exceeded expectations, driven by team's hard work and strong sequential pre-tax margin improvement.
Key Takeaways
JetBlue reported a net loss of $(192) million, or $(0.58) per share, for the first quarter of 2023. However, excluding one-time items, the adjusted net loss was $(111) million, or $(0.34) per share. The company's operating revenue reached $2.3 billion, a 34.1% increase year-over-year, marking the highest first quarter revenue in history.
First quarter revenue was approximately 4% points better than the midpoint of initial outlook, and CASM ex-Fuel was 1.8% points better than the midpoint of initial outlook.
Announced the planned launch of new service later this summer from New York's John F. Kennedy International Airport and Boston Logan International Airport to Amsterdam Airport Schiphol, JetBlue's third transatlantic market debut.
Announced plan to further expand in Florida, following planned combination with Spirit, to reach more than 250 daily flights at Fort Lauderdale-Hollywood International Airport (FLL) and 200 daily flights at Orlando International Airport, supporting significant job creation in Florida.
Opened Paisly hotel and car rental booking tool to any travelers independent of a JetBlue itinerary.
Forward Guidance
JetBlue provided estimates for the second quarter and full year of 2023, including available seat miles (ASMs) year-over-year growth, revenue year-over-year growth, CASM Ex-Fuel year-over-year growth, estimated fuel price per gallon, interest expense, and adjusted earnings per share.
Positive Outlook
- Available Seat Miles (ASMs) Year-Over-Year: 4.5% – 7.5%
- Revenue Year-Over-Year: 4.5% – 8.5%
- CASM Ex-Fuel Year-Over-Year: 1.5% – 3.5%
- Estimated Fuel Price per Gallon: $2.75– $2.90
- Adjusted Earnings per Share: $0.35 – $0.45
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