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JetBlue Airways Q1 Adj. Earnings Beat Estimates, Revenues Match Expectations

JetBlue Airways Corp. (JBLU) on Tuesday reported a 53.8 percent fall in profit for the first quarter from last year, as higher revenues were more than offset by an increase in operating expenses. However, adjusted earnings per share for the quarter beat analysts' expectations, while revenues matched their estimates.

The company's net income for the first quarter was $42 million or $0.14 per share, down from $90 million or $0.28 in the year-ago period.

Adjusted earnings for the quarter were $0.16 per share, compared to $0.26 per share in the same period last year.

Total operating revenue for the quarter rose 6.7 percent to $1.87 billion from $1.75 billion in the year-ago period.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.12 per share for the quarter on revenues of $1.87 billion. Analysts' estimates typically exclude special items.

"This quarter our financial performance was mainly impacted by the calendar placement of Easter and Passover holidays and, as disclosed in March, a softer revenue environment than initially expected," said Robin Hayes, JetBlue's Chief Executive Officer.

Looking ahead to the second quarter, JetBlue expects capacity to increase between 4.5 percent and 6.5 percent year over year. For the full year 2019, JetBlue expects capacity to increase between 4.5 percent and 6.5 percent.

Revenue per available seat mile or RASM growth is expected to range between 1.0 percent and 4.0 percent for the second quarter, compared to the same period in 2018.

The company's outlook includes a benefit of 2.25 points of impact related to the calendar placement shift of Easter and Passover between the first and second quarters of 2019.

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