JetBlue Reports Fourth Quarter Net Loss of $129 Million and Full Year 2021 Net Loss of $182 Million
JetBlue has reported a fourth quarter net loss of $129 million or ($0.40) per diluted share on revenue of $1.8 billion. For the full year 2021, the carrier reported a net loss of $182 million or ($0.57) per share on a 104 percent year-over-year increase in revenue to $6.0 billion.
On Thursday (January 27, 2022), JetBlue Airways Corporation (NASDAQ: JBLU) reported their fourth quarter and full year financial results for the period ending December 31, 2021. The carrier reported a fourth quarter GAAP net loss of $129 million or ($0.40) per diluted share a 177 percent year-over-year increase in revenue to $1.8 billion. For the full year 2021, JetBlue reported a net loss of $182 million or ($0.57) per share on a 104 percent increase in revenue versus FY2020 to $6.0 billion. When special items are excluded, primarily benefits received under the U.S. Treasury’s Payroll Support Program extensions (PSP2 and PSP3), JetBlue’s full year 2021 non-GAAP net loss was $797 million or ($2.51) per diluted share. At December 31, 2021, the company had $2.8 billion in unrestricted cash, cash equivalents and short-term investments, as well as an undrawn $550 million revolving credit facility.
In Thursday’s announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said,
“While Omicron has temporarily weighed on demand in the very near-term, we expect sequential month-on-month improvement through the quarter, ultimately returning to sustained profitability in the spring and beyond. Furthermore, were it not for Omicron, we believe we would have generated higher revenue this quarter than in the first quarter of 2019. I firmly believe that 2022 will prove to be a transformational year for JetBlue's structural profitability, as we look to restore our earnings power and create value for our stakeholders. And we plan to achieve this by pulling meaningful commercial levers, keeping our relentless focus on costs, and maintaining our measured approach to capital allocation.”
JetBlue’s fourth quarter revenue declined year-over-two by 9.7 percent on a capacity reduction of 5.4 percent. The carrier’s Q4 cost per available seat mile (CASM) increased 14.4 percent year-over-two, while CASM excluding fuel and special items (CASM-ex) increased 16.3 percent compared to the fourth quarter of 2019. JetBlue’s Q4 EBITDA was $31 million, within the company’s planning assumption range of ($50) to $50 million. During the fourth quarter, JetBlue paid down approximately $100 million in debt and finance lease obligations, and also prepaid around $20 million in bank loans.
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, Latin America and London (Heathrow and Gatwick). JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.