JetBlue announces first quarter 2024 results

image credit: JetBlue Airways

JetBlue Airways Corporation today reported its financial results for the first quarter of 2024.

Joanna Geraghty, JetBlue’s chief executive officer said: “Thanks to our incredible crewmembers and our reinvigorated focus on improving reliability, our operation performed above plan in the first quarter, resulting in revenue and costs coming in better than expectations,” .

“As we look to the full year, significant elevated capacity in our Latin region, which represents a large portion of JetBlue’s network, will likely continue to pressure revenue and we expect a setback in our expectations for the full year.

“We have full confidence that continuing to take action on our refocused standalone strategy is the right path forward to ultimately return to profitability again.”

Marty St. George, JetBlue’s president said: “We’ve begun rolling out the initial components of our refocused plan. In the first quarter, we announced a number of significant network changes, which are designed to free up unprofitable flying and reallocate it to proven leisure markets where JetBlue has historically won.

“Demand remained healthy in peak periods, and in particular, we saw encouraging performance from our domestic and transatlantic flying, as well as continued outsized demand for our premium seating options.”

First Quarter 2024 Financial Results

  • Net loss for the first quarter of 2024 under Generally Accepted Accounting Principles (“GAAP”) of $716 million or $2.11 loss per share. Excluding special items, adjusted net loss for the first quarter of 2024 of $145 million(1) or $0.43 loss per share.
  • First quarter of 2024 capacity decreased by 2.7% year-over-year.
  • Operating revenue of $2.2 billion for the first quarter of 2024, down 5.1% year-over-year.
  • Operating expense for the first quarter of 2024 increased by 14.0% year-over-year to $2.9 billion.
  • Operating expense per available seat mile (“CASM”) for the first quarter of 2024 increased 17.1% year-over-year.
  • Operating expense, excluding special items for the first quarter of 2024 decreased 3.7%(1) year-over-year to $2.4 billion.
  • Operating expense per available seat mile, excluding fuel, other non-airline operating expenses, and special items (“CASM ex-Fuel”)(1) for the first quarter of 2024 increased 7.1%(1) year-over-year.
  • Average fuel price in the first quarter of 2024 of $2.97 per gallon.

“Aside from elevated capacity in the Latin region expecting to impact our revenue performance as we move from Q1 to Q2, the remainder of our network is steadily improving, and we look forward to launching additional revenue initiatives to support our revenue performance in the back half of the year,” continued St. George.

“We remain committed to winning our high-margin, core geographies and returning to profitability again, driven by our refocused strategy to better serve our core customers”