JetBlue has reported a second quarter 2024 net profit of $25 million or $0.07 per diluted share on a year-over-year decline in revenue of 6.9 percent to $2.4 billion.

On Tuesday (July 30, 2024), JetBlue reported their second quarter financial results for the period ending June 30, 2024. The carrier reported a second quarter net profit of $25 million or $0.07 per diluted share on a 6.9 percent year-over-year decline in revenue to $2.4 billion. JetBlue’s Q2 revenue per available seat mile (RASM) declined 4.4 percent versus the same period last year to 14.38 cents, while cost per available seat mile (CASM) increased 2.6 percent to 14.04 cents. Costs excluding fuel (CASM-ex) increased 3.7 percent to 10.24 cents. JetBlue ended the second quarter with $1.6 billion in cash, cash equivalents and short-term investments, plus an undrawn $600 million revolving credit facility.
In Tuesday’s announcement, JetBlue’s Chief Executive Officer, Joanna Geraghty, said,
“We closed the first half of 2024 with meaningful year-over-year improvements in our operation and exceeded our second quarter guidance through strong execution, early evidence the changes we are implementing as part of our refocused strategy are yielding positive benefits. Today, and as the year progresses, we are excited to share more details about JetForward, our strategic framework to return JetBlue to sustained profitability, and the four priority moves aimed at driving significant value over the coming years.
“These include boosting reliability and doubling down on our commitment to caring service to improve satisfaction and drive cost savings; reinvesting in building the best leisure network on the East Coast, where we are positioned to win; enhancing our existing product offerings and loyalty perks to better deliver the elevated and differentiated experiences our customers want; and keeping our costs low so that we can continue to offer customers exceptional value in the sky as we build a secure financial future for JetBlue.”
Also commenting on the carrier’s second quarter results, JetBlue’s President, Marty St. George, said,
“In the second quarter, we continued to implement our JetForward strategy with the announcement of more significant network changes. We are actively reinvesting in our core geographies in New York, New England, Florida and Puerto Rico, while exiting routes and BlueCities that don't meet our financial hurdle rate. As we progress through the second half of the year, we'll be announcing additional initiatives designed to further enhance our customer value proposition, close the gap in our product offering to our peers and drive significant financial benefit.”
JetBlue’s Chief Financial Officer, Ursula Hurley, added,
“While many of these underlying initiatives will take time to ramp to their full potential, with the strong foundation of JetForward, we are poised to generate $800 - $900 million of incremental EBIT from 2025 through 2027 and expect the benefit to be realized evenly over those three years. We are setting ourselves on a path to restore our balance sheet health, and in support of securing our financial future, we are announcing an incremental aircraft deferral of approximately $3 billion of planned capital expenditures. Our focus going forward will be on driving value from our existing asset base and, ultimately, generating positive free cash flow.”

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 UK (London Heathrow, London Gatwick, Edinburgh), Paris, Amsterdam and Dublin. JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.
Source: JetBlue/Businesswire
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