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Sep 30, 2023
JetBlue Q3 2023 Earnings Report
Reported a net loss due to weather-related impacts and rising fuel prices, but focused on cost control and customer service.
Key Takeaways
JetBlue reported a net loss of $153 million for Q3 2023, impacted by weather and rising fuel prices, while system capacity increased by 7.1% year-over-year. The company is focused on cost savings and expanding transatlantic service to drive future growth.
Net loss of $153 million, or $(0.46) per share, and an adjusted net loss of $129 million, or $(0.39) per share.
System capacity increased 7.1% year-over-year.
Operating revenue totaled $2.4 billion, a decrease of 8.2% year-over-year.
Average fuel price was $2.94 per gallon, including hedges.
Forward Guidance
JetBlue anticipates healthy travel demand during peak periods and the fourth quarter holidays, but industry capacity is outpacing domestic demand during off peak travel periods.
Positive Outlook
- ASM growth between 0.5% - 3.5%
- Fuel price per gallon between $3.05 - $3.20
- Focus on managing capacity and reducing schedules in off-peak periods.
- Structural cost program on track to deliver approximately $70 million in cost savings this year.
- Fleet modernization program expected to generate $55 million in cost savings by the end of this year.
Challenges Ahead
- Revenue decrease between (10.5%) - (6.5%)
- CASM ex-Fuel increase between 8.5% - 10.5%
- Adjusted Loss per Share (EPS) between ($0.55) - ($0.35)
- Air traffic control and weather-related delays.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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