JetBlue Announces First Quarter Net Loss of $247 Million on 54 Percent Revenue Decline to $733 M
JetBlue has reported a first quarter net loss of $247 million on a year-over-year decline in revenue of 54 percent to $733 million. At March 31, 2021, JetBlue had $3.2 billion in unrestricted cash, cash equivalents and short-term investments.
On Tuesday (April 27, 2021), JetBlue reported a first quarter net loss of $247 million or ($0.78) per share on a 54 percent year-over-year decline in revenue to $733 million. The carrier’s first quarter capacity was reduced 41 percent ‘year-over-two,’ or compared to the first quarter of 2019, and operating expenses declined 43 percent versus Q1 2019. At March 31, 2021, JetBlue had approximately $3.2 billion in unrestricted cash, cash equivalents and short-term investments, or 40 percent of 2019 revenue. During the first quarter the company repaid $94 million in regularly scheduled debt and finance lease obligations as well as a fully drawn $550 million revolving credit facility. JetBlue also raised approximately $750 million through a convertible debt transaction in the first quarter.
In Tuesday’s announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said in part,
“Although our EPS remains in negative territory, we have seen meaningful progress in the demand recovery, and have started to gain momentum from the groundwork we have laid to emerge from the crisis as a stronger JetBlue. Looking back to our work from 2020, I could not be more confident in our future. Our teams continue executing our comprehensive recovery plan, reducing our cash burn, rebuilding our margins, and repairing our balance sheet. We have seen positive cash from operations for March, and this milestone is our first step towards achieving positive EBITDA and returning to profitability...”
JetBlue is New York’s Hometown Airline® and a leading carrier in Boston (BOS), Fort Lauderdale (FLL), Los Angeles (LAX), Orlando (MCO) and San Juan (SJU). The airline carries guests to destinations across the U.S., Caribbean and Latin America. JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU. In trading Tuesday morning (April 27, 2021), shares in JBLU were 1.56% lower at $20.25/share (10:23 AM EDT).