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JetBlue Reports Second Quarter 2022 Net Loss of $188 Million or $0.58 per Diluted Share

JetBlue has reported a second quarter net loss of $188 million or ($0.58) per diluted share on a year-over-year increase in revenue of 63.1 percent to $2.45 billion. At June 30, 2022, the carrier had approximately $3.15 billion in total liquidity.

JetBlue Reports Second Quarter 2022 Financial Results - Courtesy JetBlue

On Tuesday (August 2, 2022), JetBlue Airways Corporation reported their second quarter financial results for the period ending June 30, 2022. The carrier reported a second quarter net loss of $188 million or ($0.58) per diluted share compared to a net income of $64 million or $0.20 per diluted share during Q2 2021. JetBlue’s second quarter revenue increased year-over-year by 63.1 percent to $2.45 billion. The company’s Q2 revenue per available seat mile (RASM) was up 35.7 percent versus last year to 14.90 cents, while cost per available seat mile (CASM) increased 57.4 percent to 15.59 cents. Costs excluding fuel (CASM-ex) were down year-over-year by 3.6 percent to 9.68 cents. At June 30, 2022, JetBlue had approximately $2.6 billion in unrestricted cash, cash equivalents, short-term investments and long-term marketable securities, as well as an undrawn $550 million revolving credit facility.

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

“I’m very pleased we found a path forward with Spirit, and we can’t wait to welcome their incredible 10,000 Team Members to JetBlue as we create a true, national low-fare challenger to the dominant ‘Big Four’ airlines. Together we will expand our uniquely disruptive combination of award-winning service and competitive low fares to more customers across the country as we combine the best of both airlines.

“We reported a record-breaking revenue result for the second quarter, and we’re on pace to top it again here in the third quarter and drive our first quarterly profit since the start of the pandemic. I’m proud to say that our operational performance improved significantly through the quarter, and we capitalized on the strong demand environment to deliver revenue growth above the top-end of our original guidance range. We’ve entered the third quarter with some solid momentum that we expect to carry through to a sustained profit inflection.

“While high fuel prices and our short-term operational investments are weighing on our margins this summer, we’re making steady underlying progress on our long-term initiatives to structurally improve our profitability and enhance our long-term earnings power.”

Also commenting on the airline’s second Quarter financial results, JetBlue’s Chief Financial Officer, Ursula Hurley, said in part,

“I’m very pleased with the team’s execution this quarter to position us to return to sustained profitability in the back half of the year. Despite the operational headwinds in April, the subsequent operational investments we made, and the sharp rise in fuel prices throughout the quarter, we exited Q2 with an adjusted pre-tax profit for the month of June, and we look forward to carrying this momentum into Q3 and beyond…”

JetBlue's Second Quarter 2022 Financial Results - Courtesy JetBlue / Businesswire

JetBlue will accelerate the retirement of their Embraer E190 fleet from year-end 2026 to mid-2025. The carrier currently has a total Airbus A220 orderbook of 100 aircraft, including aircraft already delivered. With the transition to A220s, JetBlue expects to save at least $75 million per year in maintenance expenses alone, plus the more CASM-efficient aircraft will burn up to 25 percent less fuel per seat. The A220s will also enable greater flexibility across different range profiles compared to the aircraft they replace.

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 more than 110 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


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