JetBlue Reports Third Quarter 2023 Net Loss of $153 Million or $0.46 per Diluted Share
JetBlue has reported a third quarter 2023 net loss of $153 million or ($0.46) per diluted share on a year-over-year decrease in revenue of 8.2 percent to $2.35 billion. At September 30, 2023, the carrier had total liquidity of $2.1 billion.
On Tuesday (October 31, 2023), JetBlue reported their third quarter 2023 financial results for the period ending September 30, 2023. The carrier reported a third quarter net loss of $153 million or ($0.46) per diluted share on a year-over-year decrease in revenue of 8.2 percent to $2.35 billion. JetBlue’s third quarter revenue per available seat mile (RASM) declined 14.2 percent compared to the same period last year by 14.2 percent to 13.55 cents, while cost per available seat mile (CASM) decreased 3.3 percent to 14.45 cents. Costs excluding fuel (CASM-ex) increased 5.9 percent compared to Q3 2022 to 10.27 cents. At September 30, 2023, JetBlue has $1.5 billion in cash, cash equivalents, short-term investments and long-term marketable securities and a $600 million undrawn revolving credit facility.
In Tuesday’s announcement, JetBlue’s Chief Executive Officer, Robin Hayes, said,
“While we faced challenges in the quarter, including significant weather-related impacts and rising fuel prices, our Crewmembers rose to the occasion, focusing on what we can control to mitigate these headwinds and provide our customers with great service. As we look ahead, we are making improvements to drive profitable growth and ensure JetBlue is positioned for success in 2024 and beyond.”
Also commenting on the airline’s third quarter results, JetBlue’s President and Chief Operating Officer, Joanna Geraghty, added,
“While we have been able to offset some of the costs associated with the challenging operational backdrop, the sheer magnitude of the air traffic control and weather-related delays has been staggering. We remain focused on controlling what we can control, including our structural cost program and fleet modernization plans.”
JetBlue's Third Quarter 2023 Financial Results - Courtesy JetBlue/PRNewswire
During the third quarter JetBlue continued their fleet modernization program with the removal of 18 Embraer E190s to date, as they transition to Airbus A220s. The more efficient A220s are expected to achieve $55 million in savings this year, and $75 million in cost savings by the end of 2024.
The carrier also started daily service to Amsterdam (AMS) from New York (JFK) and Boston (BOS) and announced new seasonal service From JFK and Boston to Dublin (DUB) from March 13, 2024, as well as between JFK and Edinburgh starting May 22, 2024. Additionally, JetBlue is expanding service to Paris (CDG) with new daily service from BOS starting April 3, 2024, and a second daily flight from JFK starting June 20, 2024.
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 United Kingdom (London Heathrow and Gatwick), Paris, Amsterdam, Dublin and Edinburgh. JetBlue Airways Corporation trades on the NASDAQ under the ticker symbol JBLU.
In trading Tuesday morning (October 31, 2023), shares in JetBlue Airways Corporation (NASDAQ: JBLU) were 14.76% lower at $3.58/share (9:45 AM EDT).