JetBlue has reported a fourth quarter 2022 net income of $24 million or $0.07 per diluted share on a 31.7 percent year-over-year increase in revenue to $2.4 billion. For the full year, the carrier reported a net loss of $362 million or ($1.12) per diluted share.
On Thursday (January 26, 2023), JetBlue reported their financial results for the fourth quarter and full year ending December 31, 2022. The carrier reported a fourth quarter net income of $24 million or $0.07 per diluted share on a year-over-year increase in revenue of 31.7 percent to $2.4 billion. Excluding special items, JetBlue’s Q4 net income was $72 million or $0.22 per diluted share. For the full year, the airline reported a net loss of $362 million or ($1.12) per diluted share on a year-over-year increase in revenue of 51.7 percent to $9.16 billion. At December 31, 2022, JetBlue has $1.6 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities totaling $1.6 billion, excluding a $600 million undrawn revolving credit facility.
In Thursday’s announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said,
“Thanks to the outstanding efforts of JetBlue’s crewmembers, we closed the year with strong fourth quarter performance, driving the highest full-year revenue result in our history, and solid cost execution as we hit our full-year cost target. We believe we’re well positioned to further build on that success in 2023, with a disciplined plan to continue strengthening our foundations – both operationally and financially.
“We expect to gain further momentum in the business in 2023 with solid revenue performance throughout the year as we execute on our commercial initiatives and maintain a strong focus on cost control. Together, we expect these efforts to deliver margins approaching pre-pandemic levels as we move through the year, as we continue on a path to drive sustainable long-term earnings expansion and create long-term value for all stakeholders.”
JetBlue’s revenue per available seat mile (RASM) for the fourth quarter increased 16.1 percent compared to Q4 2019 to 14.66 cents, while cost per available seat mile (CASM) increased 28.4 percent versus the same period in 2019 to 14.40 cents. Costs excluding fuel (CASM-ex) increased 9.9 percent compared to Q4 2019 to 9.13 cents, an industry-leading unit cost performance. During the fourth quarter, JetBlue paid approximately $114 million in debt and lease finance obligations.
During 2022, JetBlue ramped up transatlantic service between toe Northeast and London to five daily flights, and also announced new service to Paris. The carrier also became an anchor tenant at Orlando International Airport's new Terminal C, moved LaGuardia operations into the new wrold-class Terminal B, and became a minority investor in New York-JFK's Terminal 6. Additionally, the carrier introduced a new TrueBlue loyalty program, adding value and new perks for members.
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 and the United Kingdom (London Heathrow and Gatwick). JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.
Source: JetBlue/Businesswire