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.

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