JetBlue Announces Second Quarter 2020 Results

About this update from Jetblue Airways Corporation

[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nJetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the second quarter 2020:\n\n\n\nReported GAAP loss per share of ($1.18) in the second quarter of 2020 compared to a diluted earnings per share of $0.59 in the second quarter of 2019. Adjusted loss per share was ($2.02)(1) in the second quarter of 2020 versus adjusted diluted earnings per share of $0.60(1) in the second quarter of 2019. Note A to this earnings release includes the GAAP to Non-GAAP reconciliation between reported and adjusted diluted earnings per share.\n\n\nGAAP pre-tax loss of ($450) million in the second quarter of 2020, compared to a pre-tax income of $236 million in the second quarter of 2019. Excluding one-time items, adjusted pre-tax loss of ($754) million(1) in the second quarter of 2020 versus adjusted pre-tax income of $238 million(1) in the second quarter of 2019. \n\n\n\nOperational Highlights from the Second Quarter \n\n\n\nSecond quarter 2020 revenue declined 90% year over year as a result of the impact of COVID-19. Traffic volumes and yields improved in May and June from an April trough. \n\n\nReduced second quarter 2020 capacity by 85% year over year as a result of aggressive action to mitigate cash burn.\n\n\nOperating expenses decreased 66% year over year. Excluding special items, adjusted operating expenses(1) declined 50% year over year. We successfully reduced our second quarter costs by over $900 million driven by variable cost reductions through capacity cuts and fixed cost reductions achieved by adjusting work schedules where possible and eliminating discretionary spend.\n\n\n\nBalance Sheet and Liquidity \n\n\n\nJetBlue ended the second quarter with approximately $2.9 billion in unrestricted cash, cash equivalents, and short-term investments, or 36% of 2019 revenue. Including the CARES Act PSP proceeds, our liquidity was $3.4 billion at the end of second quarter 2020, or 42% of 2019 revenue.\n\n\nJetBlue repaid $78 million in regularly scheduled debt and finance lease obligations during the second quarter of 2020.\n\n\nJetBlue has taken the following measures in the second quarter to manage liquidity:\n\n\nRaised $750 million under a secured term loan.\n\n\nExecuted approximately $120 million under sale-leaseback transactions, and entered a binding agreement for three additional sale-lea...

More updates from Jetblue Airways Corporation