logo
  

JetBlue Airways Posts Adj. Loss In Q2

JetBlue Airways Corp. (JBLU) posted a GAAP pre-tax loss of $151 million in the second quarter of 2022, compared to pre-tax income of $236 million in the second quarter of 2019. GAAP loss per share was $0.58 in the second quarter of 2022.

Adjusted pre-tax loss was $102 million in the second quarter of 2022 compared to adjusted pre-tax income of $238 million in the second quarter of 2019. Adjusted loss per share was $0.47 in the second quarter of 2022. On average, eight analysts polled by Thomson Reuters expected the company to report a loss per share of $0.11, for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues were $2.45 billion, for the second quarter of 2022. Revenue increased 16.1% year over three, compared to the company's guidance of an increase of 16% or above, year over three. Capacity increased by 2.3% year over three, compared to the company's guidance for capacity to increase 2% to 3% year over three. Analysts on average had estimated $2.46 billion in revenue.

For the third quarter, the company expects capacity to be flat to negative 3 percent year over three. The company expects unit revenue to increase between 19 and 23 percent. CASM ex-Fuel is forecasted to increase 15 to 17 percent.

For the full-year 2022, the company tightened its forecast for capacity to grow between 0 and 3 percent versus 2019. The company also tightened forecast for full-year 2022 CASM ex-Fuel to increase in the range of 11 to 14 percent versus 2019.

"We exited second quarter with an adjusted pre-tax profit for the month of June, and we look forward to carrying this momentum into third quarter and beyond," said Ursula Hurley, CFO.

The company announced the launch of a new program focused on operational and planning efficiencies. JetBlue expects the structural cost program and the accelerated E190 retirements to drive a total of approximately $250 million of cost savings through 2024.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
Follow RTT