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JetBlue Reports Fourth Quarter 2023 Net Loss of $104 Million or $0.31 per Diluted Share

JetBlue has today reported a fourth quarter 2023 net loss of $104 million or ($0.31) per diluted share on a year-over-year decline in revenue of 3.7 percent to $2.3 billion.  For the full year, the carrier reported a net loss of $310 million or ($0.93) per diluted share.


JetBlue Airbus A321 Featuring Mint Livery - Courtesy JetBlue

On Tuesday (January 30, 2024), JetBlue reported their financial results for the fourth quarter and full year ending December 31, 2023.  The airline reported a fourth quarter 2023 net loss of $104 million or ($0.31) per diluted share on a year-over-year decline in revenue of 3.7 percent to $2.3 billion.  For the full year 2023, JetBlue reported a net loss of $310 million or ($0.93) per diluted share on a 5.0 percent increase in revenue versus FY2022 to $9.6 billion.  At December 31, 2023, the company 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 financial announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said,


“We closed the year on a strong note thanks to the hard work and continued execution of our team as fourth quarter revenue and costs beat our expectations.  Looking ahead, I am confident that the next chapter of JetBlue, under Joanna’s leadership, will deliver a refreshed focus on our core customer, expanded opportunities for our crewmembers, and a return to JetBlue’s historical earnings power for our shareholders.”


Also commenting on the airline’s fourth quarter and full year 2023 financial results, JetBlue’s President and Chief Operating Officer, Joanna Geraghty, said,


“2024 is an important year of change for JetBlue and we are taking aggressive action, including launching $300 million of revenue initiatives, to return to profitability and deliver value for our shareholders.  We are moving with renewed rigor and discipline as we refocus our energy and play to our strengths, further deepening our unique competitive positioning.


“As we look ahead in 2024, we are seeing positive momentum in our revenue growth.  Demand during peak periods remains strong, and we continue to manage our capacity during off-peak periods to reflect evolving demand trends.  We plan to continue to refine our network and product offering to better serve our leisure customers while diversifying revenues with margin-accretive initiatives.”


JetBlue’s fourth quarter 2023 revenue per available seat mile (RASM) declined year-over-year by 6.8 percent to 13.76 cents, while costs per available seat mile (CASM) decreased 2.4 percent to 14.06 cents.  The carrier’s Q4 costs excluding fuel (CASM-ex) increased 7.6 percent versus Q4 2022 to 9.82 cents.  For the full year 2023, JetBlue’s RASM declined 1.2 percent compared to FY2022 to 14.04 cents, while CASM declined 2.0 percent to 14.37 cents, and CASM-ex increased 4.5 percent to 10.02 cents. 


During 2023, JetBlue reached an agreement to defer approximately $2.5 billion of planned aircraft CAPEX from 2024-2027 to 2028 and beyond, providing a more consistent level of aircraft deliveries through the end of the decade.


Further commenting on the carrier’s 2023 financial results, JetBlue’s Chief Financial Officer, Ursula Hurley, added,


“We remain intensely focused on restoring profitability, taking steps to ensure every dollar we invest is making an impact.  As part of these efforts, we are carefully evaluating deeper cuts to our controllable costs beyond our ongoing fleet modernization and structural cost programs. Through these initiatives, coupled with the evolution of our network and product offering, I am confident in our ability to re-establish profitability and position JetBlue to restore historical earnings power.”


In 2023, JetBlue added new daily service between New York (JFK) and both Paris-Charles de Gaulle (CDG) and Amsterdam Airport Schiphol (AMS), as well as between Boston (BOS) and Amsterdam.  The carrier also announced the launch of new seasonal transatlantic service to Dublin and Edinburgh from Spring 2024.


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, and Amsterdam.  JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.


 

Source: JetBlue/Businesswire

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