JetBlue Airways Sees Adj. Loss In Q1, Earnings In FY23 - Update

JetBlue Airways Corp. (JBLU), while reporting fourth-quarter profit, compared to last year's loss, with higher revenues, on Thursday said it expects adjusted loss in its first quarter, and adjusted earnings in fiscal 2023, with higher revenues and capacity.

For the first quarter, the company projects adjusted loss per share between $0.35 and $0.45, while revenues are expected to grow 28 percent to 32 percent year-over-year.

On average, nine analysts polled by Thomson Reuters expect loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Available Seat Miles or ASMs, or capacity, would grow 5.5 percent to 8.5 percent from last year.

Further, for fiscal 2023, the company projects adjusted earnings per share between $0.70 and $1, with revenue growth in high single digits to low double digit rates.

Analysts expect earnings of $0.67 per share for the year.

In fiscal 2022, the company's loss per share was $1.12, adjusted loss per share was $0.80, and total operating revenues were $9.16 billion.

ASMs are expected to grow 5.5 percent to 8.5 percent from last year.

Joanna Geraghty, JetBlue's President and Chief Operating Officer, said, "As we kick off 2023, we're pleased to see the demand environment remain solid into the seasonally trough period of the year."

Further, Ursula Hurley, JetBlue's Chief Financial Officer, said the company is confident to materially improve financial performance throughout the remainder of 2023 and deliver a full-year adjusted profit with margins approaching pre-pandemic levels.

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