Press release
JetBlue Announces Fourth Quarter 2023 Results
Fourth quarter revenue and costs beat expectations Reached agreement to defer ~$2.5 billion of planned aircraft capital expenditures Focused on restoring
About this update from Jetblue Airways Corporation
[{"type":"text","content":"\nFourth quarter revenue and costs beat expectations\n\n\nReached agreement to defer ~$2.5 billion of planned aircraft capital expenditures\n\n\nFocused on restoring profitability through new revenue and cost initiatives in 2024\n\n\n NEW YORK--(BUSINESS WIRE)--\nJetBlue Airways Corporation (NASDAQ: JBLU) today reported its financial results for the fourth quarter of 2023.\n\n\n“We closed the year on a strong note thanks to the hard work and continued execution of our team as fourth quarter revenue and costs beat our expectations,” said Robin Hayes, JetBlue’s chief executive officer. “Looking ahead, I am confident that the next chapter of JetBlue, under Joanna’s leadership, will deliver a refreshed focus on our core customer, expanded opportunities for our crewmembers, and a return to JetBlue’s historical earnings power for our shareholders.”\n\n\n“2024 is an important year of change for JetBlue and we are taking aggressive action, including launching $300 million of revenue initiatives, to return to profitability and deliver value for our shareholders. We are moving with renewed rigor and discipline as we refocus our energy and play to our strengths, further deepening our unique competitive positioning,” said Joanna Geraghty, JetBlue’s president and chief operating officer.\n\n\nFourth Quarter 2023 Financial Results\n\n\n\nNet loss for the fourth quarter of 2023 under Generally Accepted Accounting Principles (\"GAAP\") of $104 million or $(0.31) per share. Excluding special items, adjusted net loss for the fourth quarter of 2023 of $63 million (1) or $(0.19) per share.\n\n\n\nFourth quarter of 2023 capacity increased by 3.3% year-over-year.\n\n\n\nOperating revenue of $2.3 billion for the fourth quarter of 2023, down 3.7% year-over-year.\n\n\n\nOperating expense per available seat mile (\"CASM\") for the fourth quarter of 2023 decreased 2.4% year-over-year.\n\n\n\nOperating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (\"CASM ex-Fuel\") (1) for the fourth quarter of 2023 increased 7.6% (1) year-over-year.\n\n\n\nAverage fuel price in the fourth quarter of 2023 of $3.08 per gallon, including hedges.\n\n\n\nFourth Quarter 2023 Key Highlights\n\n\n\nExecuted on Our Cost Initiatives\n\n\nAchieved $70 million in cost savings under our structural cost progr...