JetBlue has reported a first quarter 2024 net loss of $716 million or ($2.11) per diluted share on a year-over-year decline in revenue of 5.1 percent to $2.2 billion. At March 31, 2024, the carrier had $1.7 billion in liquidity, excluding a $600 million undrawn revolver.
On Tuesday (April 23, 2024), JetBlue announced their first quarter financial results for the period ending March 31, 2024. The carrier reported a first quarter net loss of $716 million or ($2.11) per diluted share on a year-over-year decline in revenue of 5.1 percent to $2.2 billion. At the end of the first quarter, JetBlue had $1.7 billion in unrestricted cash, cash equivalents, short-term investments and long-term marketable securities. The company also has a $600 million undrawn revolving credit facility.
In Tuesday’s announcement, JetBlue’s CEO, Joanna Geraghty, said,
“Thanks to our incredible crewmembers and our reinvigorated focus on improving reliability, our operation performed above plan in the first quarter, resulting in revenue and costs coming in better than expectations. As we look to the full year, significant elevated capacity in our Latin region, which represents a large portion of JetBlue’s network, will likely continue to pressure revenue and we expect a setback in our expectations for the full year. We have full confidence that continuing to take action on our refocused standalone strategy is the right path forward to ultimately return to profitability again.”
Also commenting on the carrier’s first quarter results, JetBlue’s President, Marty St. George, said,
“We’ve begun rolling out the initial components of our refocused plan. In the first quarter, we announced a number of significant network changes, which are designed to free up unprofitable flying and reallocate it to proven leisure markets where JetBlue has historically won. Demand remained healthy in peak periods, and in particular, we saw encouraging performance from our domestic and transatlantic flying, as well as continued outsized demand for our premium seating options.”
JetBlue’s first quarter revenue per available seat mile (RASM) decreased 2.5 percent versus the same period last year to 13.54 cents, while cost per available seat mile (CASM) increased 17.1 percent to 17.95 cents. Costs excluding fuel (CASM-ex) increased year-over-year by 7.1 percent to 10.57 cents.
During the first quarter, JetBlue announced that they will scale back flying at Los Angeles International Airport (LAX), reducing departures by approximately one-third by June 13, 2024. The carrier also rationalized their footprint at seven stations, and is making progress to exit Baltimore, Bogotá, Burlington, Kansas City, Lima, Newburgh and Quito. JetBlue also launched new direct seasonal service to Dublin from New York (JFK) and Boston (BOS), as well an new daily nonstop service between Boston and Paris (CDG).
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 over 100 destinations across the U.S., Caribbean, Latin America, the United Kingdom (London Heathrow and Gatwick), Paris, Amsterdam, and Dublin. JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.
Source: JetBlue/Businesswire