JetBlue Airways Q4 Earnings Top Estimates; Maintains Focus On Cost Control

JetBlue Airways Corporation JBLU reported fourth-quarter FY22 operating revenue growth of 31.7% year-on-year to $2.42 billion, beating the consensus of $2.41 billion.
Adjusted EPS of $0.22 beat the consensus of $0.20.
Operating expenses increased 21.5% year-over-year to $2.37 billion.
Operating income for the quarter was $43 million compared to a loss of $(119) million last year. Operating margin was 1.8%.
Load factor improved to 83.2% from 76.4% a year ago. Revenue passenger miles increased 17.8% Y/Y, and ASM increased 8.3% Y/Y.
The average aircraft fuel price per gallon, including related taxes, was $3.70 vs. $2.37 last year.
The company's debt was $3.6 billion as of Dec. 31, 2022. JetBlue ended the quarter with $1.6 billion in cash and equivalents.
"We expect to gain further momentum in the business in 2023 with solid revenue performance throughout the year as we execute on our commercial initiatives and maintain a strong focus on cost control," said CEO Robin Hayes.
Outlook: JBLU expects FY23 revenue growth of high single digits to low double digits. JetBlue sees FY23 adjusted EPS of $0.70 - $1.00.
JBLU expects Q1 FY23 revenue growth of 28% - 32% and adjusted loss per share of ($0.45) – ($0.35).
"As we kick off 2023, we're pleased to see the demand environment remain solid into the seasonally trough period of the year," said COO Joanna Geraghty.
Price Action: JBLU shares are trading lower by 3.33% at $8.13 on the last check Thursday.
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