Summary
- JetBlue reports highest quarterly profit since 2019, with net income of $138 million, up from a net lack of $188 million last yr.
- Despite the positive results, the airline has reduced its full-year earnings forecast attributable to a wide range of aspects, including the tip of the Northeast Alliance partnership and travelers choosing international flights.
JetBlue has reported a net income of $138 million for the second quarter, up from a net lack of $188 million a yr earlier. Nevertheless, the carrier has reduced its full-year outlook in light of the Northeast Alliance termination and other headwinds.
JetBlue’s highest quarterly profit since 2019
In its latest quarterly results, JetBlue’s adjusted net income stood at $152 million compared with a lack of $153 million in Q2 2022. The airline recorded operating revenues of $2.6 billion – up 6.7% year-on-year – while decreasing its cost per available seat mile (CASM) by 12.2%.
JetBlue CEO Robin Hayes commented,
Photo: Vincenzo Pace I Easy Flying
While it celebrates its highest quarterly revenue since pre-pandemic times, the airline’s outlook for the third quarter is not as promising – revenues could possibly be down by as much as 8% in comparison with Q3 2022, amounting to losses of as much as $0.20 per share. Shares within the airline dived by around 5% following its second-quarter results.
Full-year earnings forecast drops
Despite its quarterly profit, the airline has revised its previous full-year earnings forecast from $0.70-$1 per share all the way down to a variety of $0.05-$0.40. That is attributable to a variety of things, including the tip of the Northeast Alliance partnership with American Airlines, and travelers opting to fly abroad for the summer.
Joanna Geraghty, JetBlue’s President and COO, said,
Photo: Vincenzo Pace | Easy Flying
JetBlue faced some major challenges within the last quarter, including air traffic controller shortages and a number of other bouts of severe thunderstorms impacting operations. The carrier said that it still expects a profitable full yr and is “taking motion” to adapt to changing market conditions and improve its margins – this can include “.”
Quarterly accomplishments
The carrier cited several key accomplishments reached during the last quarter. This included the launch of every day flights between Recent York JFK (JFK) and Paris Charles de Gaulle (CDG), in addition to latest routes in Puerto Rico – the airline has also announced upcoming routes, reminiscent of Boston-Paris and flights to Belize and St. Kitts and Nevis.
Photo: NYC Russ | Shutterstock
JetBlue agreed with a judge’s ruling to finish its alliance with American Airlines in July, a move that can likely help its Spirit Airlines merger to undergo. Interestingly, the judge also ruled against imposing further restrictions on a future JetBlue-American partnership.
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