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Sep 30, 2021
JetBlue Q3 2021 Earnings Report
Reported earnings for the third quarter of 2021.
Key Takeaways
JetBlue reported GAAP diluted earnings per share of $0.40 in Q3 2021. Revenue declined 5.5% year over two. The company ended the quarter with approximately $3.3 billion in unrestricted cash, cash equivalents and short-term investments.
GAAP diluted earnings per share of $0.40 in Q3 2021, compared to diluted earnings per share of $0.63 in Q3 2019.
Revenue declined 5.5% year over two, better than the planned assumption of a 6% to 9% decline.
Operating expenses per available seat mile decreased 2.1% year over two.
Adjusted EBITDA in Q3 2021 was $140 million, exceeding the planning assumption range of $75 to $125 million.
Forward Guidance
For the fourth quarter, JetBlue is planning for revenue to decline between (8%) and (13%) year over two and estimates EBITDA will range between negative ($50) million to positive $50 million dollars.
Positive Outlook
- Demand is poised to re-accelerate into the peak holiday periods.
- Trends have stabilized and are improving.
- Expect robust revenue acceleration throughout the quarter as the holidays approach.
- Continue to expect CASM ex-Fuel to improve from a double-digit growth rate in the second half of 2021 to low-single-digit growth in 2022, versus 2019 levels.
- Plan to maintain a balanced approach to capital allocation to help achieve our financial targets.
Challenges Ahead
- Troughs to be challenging, exacerbated by a slower business travel recovery.
- The holidays are performing meaningfully better, and we took tactical capacity actions to better align with the demand environment.
- Planning assumption is for capacity to decline between (4%) and (7%) year over two.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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