- JetBlue Airways Corp JBLU reported a third-quarter FY21 adjusted loss per share of $(0.12) compared to adjusted EPS of $0.59 in 3Q19, beating the consensus of $(0.18).
- Capacity declined by 0.8% year over two, in line with its planning assumption of a 1% decline year over two.
- Operating Revenue declined 5.5% compared to 3Q19 and improved 300% year-over-year to $1.97 billion.
- Operating expenses per available seat mile decreased 2.1% compared to 3Q19, and Operating expenses per available seat mile, excluding fuel and special items, increased 12.7% year over two.
- Operating expenses increased by 77% Y/Y to $1.78 billion.
- The operating margin recovered to 9.4% from -104.9% in 3Q20. Adjusted EBITDA of $140 million, compared to $381 million in 3Q19.
- Load factor improved to 79.9% from 42.6% a year ago.
- The realized fuel price in the quarter was $2.08 per gallon, a 1.2% increase versus the 3Q19 realized fuel price of $2.06.
- JetBlue's adjusted debt to capital was 53% as of September 30, 2021.
- The company held ~$3.3 billion in cash and equivalents.
- Outlook: JetBlue expects Q4 EBITDA of negative $(50) million - positive $50 million. It expects Q4 revenue to decline (8%) - (13%) year over two.
- "We expect troughs to be challenging, exacerbated by a slower business travel recovery, but the holidays are performing meaningfully better, and we took tactical capacity actions to better align with the demand environment," said COO Joanna Geraghty.
- It continues to expect CASM ex-Fuel to improve from a double-digit growth rate in the second half of 2021 to low-single-digit growth in 2022, versus 2019 levels.
- Price Action: JBLU shares closed lower by 0.95% at $14.60 on Tuesday.
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