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JetBlue Reports First Quarter Net Loss of $192 Million or $0.58 per Diluted Share

JetBlue has reported a first quarter net loss of $192 million or ($0.58) per diluted share on a year-over-year increase in revenue of 34.1 percent to $2.33 billion. At March 31, 2023, the carrier had $1.7 billion in cash, cash equivalents, short-term investments and securities.

JetBlue Airbus A321neoLR - Courtesy JetBlue

On Tuesday (April 25, 2023), JetBlue reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of $192 million or ($0.58) per diluted share on a year-over-year increase in revenue of 34.1 percent to $2.33 billion. JetBlue’s Q1 revenue per available seat mile (RASM) increased versus last year by 23 percent to 13.88 cents, while cost per available seat mile (CASM) increased year-over-year by 12.1 percent to 15.32 cents. First quarter costs excluding fuel (CASM-ex) increased compared to Q1 2022 by 1.2 percent to 9.99 cents. At the close of the first quarter, JetBlue has $1.7 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities, excluding a $600 million undrawn revolving credit facility.

In Tuesday’s announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said,

“Thanks to our team's collective hard work, our first quarter financial results came in better than expectations, and we are forecasting strong sequential pre-tax margin improvement into the second quarter. We remain well on track in executing our comprehensive plan to enhance our long-term profitability and restore our historical earnings power.

“For the second quarter, we expect strong revenue growth to continue as demand remains robust and as we see continued momentum from our commercial initiatives. We are forecasting a solidly profitable quarter, and we remain confident in our full-year earnings outlook.”

JetBlue's First Quarter 2023 Financial Results - Courtesy JetBlue/Businesswire

During the first quarter, JetBlue announced the launch of their third transatlantic destination with service to Amsterdam Airport Schiphol (AMS) from both New York (JFK) and Boston (BOS) starting late summer 2023. The carrier also announced a major expansion in Florida following their planned combination with Spirit Airlines, with over 250 daily departures from Fort Lauderdale (FLL) and 200 daily flights from Orlando (MCO).

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 (from June 29, 2023), and Amsterdam (from late summer 2023). JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.

Source: JetBlue/Businesswire


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