Press release
JetBlue Announces Second Quarter 2023 Results
Delivered record quarterly revenues and continued cost execution Updating FY2023 earnings outlook to reflect current challenges NEW YORK--(BUSINESS WIRE)--
About this update from Jetblue Airways Corporation
[{"type":"text","content":"\nDelivered record quarterly revenues and continued cost execution\n\n\nUpdating FY2023 earnings outlook to reflect current challenges\n\n\n NEW YORK--(BUSINESS WIRE)--\nJetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the second quarter of 2023:\n\n\n“Thanks to the hard work of our fantastic Crewmembers, we generated our highest quarterly profit since 2019, demonstrating the progress we have made since the pandemic. These results were underpinned by record quarterly revenues and strong operational performance, reflecting the benefits from our significant investments and robust preparations for the peak summer travel period,” said Robin Hayes, JetBlue’s Chief Executive Officer.\n\n\nSecond Quarter 2023 Financial Results\n\n\n\nNet income for the second quarter of 2023 under Generally Accepted Accounting Principles (“GAAP”) of $138 million or $0.41 per share. Excluding special items, adjusted net income for the second quarter of $152 million(1) or $0.45 per share.\n\n\n\nSecond quarter capacity increased 5.8% year-over-year.\n\n\n\nOperating revenue of $2.6 billion for the second quarter of 2023, up 6.7% year-over-year.\n\n\n\nOperating expenses per available seat mile (\"CASM\") for the second quarter of 2023 decreased 12.2% 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\") for the second quarter of 2023 increased 3.2% (1) year-over-year.\n\n\n\nAverage fuel price in the second quarter of 2023 of $2.63 per gallon, including hedges.\n\n\n\nSecond Quarter 2023 Key Highlights\n\n\n\nFinancial performance\n\n\nReported adjusted earnings per share (“EPS”) (1) for the second quarter of 2023 at the high end of guidance reflecting continued execution on commercial initiatives, operational planning and cost discipline.\n\n\n\nMarked sixth consecutive quarter meeting or exceeding quarterly cost expectations.\n\n\n\n\n\n\nCost initiatives\n\n\nRealized over half of the $75 million in expected savings from our fleet modernization program to-date, as we transition from the Embraer E190 to margin accretive Airbus A220's.\n\n\n\n\n\n\nExpanded service\n\n\nBegan daily service between New York's John F. Kennedy International Airport and Paris Charles de Gaulle, expanding JetBlue's transatlantic se...