JetBlue has reported a third quarter 2022 net profit of $57 million or $0.18 per diluted share on a 30 percent year-over-year increase in revenue to $2.56 billion. At September 30, 2022, the carrier had approximately 2.3 billion in cash, cash equivalents, and marketable securities.
On Tuesday (October 25, 2022), JetBlue announced their third quarter financial results for the period ending September 30, 2022. The carrier reported a second quarter net profit of $57 million or $0.18 per diluted share, compared to $0.63 per diluted share in Q3 2019. JetBlue’s third quarter operating revenue increased year-over-year by 30 percent to $2.56 billion. The airline's revenue per available seat mile (RASM) for the third quarter increased 29.6 percent versus Q3 2021 to 15.80 cents, while cost per available seat mile (CASM) increased year-over-year by 35.3 percent to 14.94 cents. Costs excluding fuel (CASM-ex) increased 3.2 percent compared the same period last year to 9.69 cents. At September 30, 2022, JetBlue had approximately $2.3 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities.
In Tuesday’s announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said,
“For the third quarter, we reached an important milestone in our recovery as we generated our first quarterly adjusted profit since the start of the pandemic. Looking ahead, we expect our profitability to carry through to another solid quarter of mid-single-digit pre-tax margins in the fourth quarter, and we’ll look to expand on that further in 2023 as we continue to restore our earnings power. We continue to see a growing appetite for JetBlue’s unique customer value proposition of low fares and great service. With ample runway for growth ahead of us, we remain focused on execution and value creation for all our stakeholders.
“I’m also pleased that last week Spirit shareholders overwhelmingly voted to approve our proposed acquisition. Together, we’ll build a truly national low-fare challenger to the dominant Big Four airlines and expand our compelling combination of award-winning service and low fares to more Customers across more destinations.”
JetBlue's Third Quarter 2022 Financial Results - Courtest JetBlue/Businesswire
During the third quarter, JetBlue paid down $66 million in debt, funded $260 million in CAPEX, and paid $25 million related to the Spirit Airlines acquisition. Additionally, the favorable vote by Spirit Airlines’ shareholders to approve the transaction on October 19, 2022 has triggered a pre-payment of $272 million, which will be paid during the fourth quarter as part of the terms of the merger agreement.
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.
In trading Tuesday morning (October 25, 2022), shares in JetBlue Airways Corporation (NASDAQ: JBLU) were down 5.85% to $7.10 per share (10:23 AM EDT).
Source: JetBlue/Businesswire