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Jun 30, 2024
JetBlue Q2 2024 Earnings Report
Exceeded second quarter guidance targets and introduced JetForward, a strategy to restore profitability.
Key Takeaways
JetBlue reported a net income of $25 million for Q2 2024, with operating revenue of $2.4 billion, a 6.9% decrease year-over-year. The company is implementing its JetForward strategy, targeting $800M - $900M of incremental EBIT in 2027.
Net income for the second quarter of 2024 was $25 million, or $0.07 earnings per share.
Operating revenue for the second quarter of 2024 was $2.4 billion, down 6.9% year-over-year.
The company delivered improved operational performance year-over-year with a completion factor of 98.8%, up from 97.8% in Q2 2023.
JetBlue ended the quarter with ~$1.6 billion in liquidity, excluding the undrawn $600 million revolving credit facility.
JetBlue
JetBlue
JetBlue Revenue by Segment
Revenue by Segment
Passenger Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
JetBlue expects sequential year-over-year unit revenue momentum to bolster the top-line, supported by $300 million of revenue initiatives and the continuing normalization of competitive capacity in our core geographies.
Positive Outlook
- Sequential year-over-year unit revenue momentum is expected to bolster the top-line.
- Supported by $300 million of revenue initiatives.
- Continuing normalization of competitive capacity in our core geographies.
- Full year CASM-ex Fuel guidance is maintained.
- Structural cost program to ramp to run-rate in the second half of the year.
Challenges Ahead
- Available Seat Miles (ASMs) Year-Over-Year is estimated to decrease by (6.0%) - (3.0%) for 3Q 2024.
- Revenue Year-Over-Year is estimated to decrease by (5.5%) - (1.5%) for 3Q 2024.
- CASM Ex-Fuel Year-Over-Year is expected to increase by 6.0% - 8.0% for 3Q 2024.
- Unit cost headwinds are expected.
- Change in recognition of Pratt & Whitney compensation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income