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JetBlue Announces Third Quarter 2021 Results
NEW YORK--(BUSINESS WIRE)-- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the third quarter of 2021: Reported GAAP diluted
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 third quarter of 2021:\n\n\nReported GAAP diluted earnings per share of $0.40 in the third quarter of 2021 compared to diluted earnings per share of $0.63 in the third quarter of 2019. Adjusted loss per share was ($0.12)(1) in the third quarter of 2021 versus adjusted diluted earnings per share of $0.59(1) in the third quarter of 2019.\n\n\n\nGAAP pre-tax earnings of $190 million in the third quarter of 2021, compared to a pre-tax income of $254 million in the third quarter of 2019. Excluding one-time items, adjusted pre-tax loss of ($50) million(1) in the third quarter of 2021 versus adjusted pre-tax income of $239 million(1) in the third quarter of 2019.\n\n\nOperational and Financial Highlights from the Third Quarter\n\n\nCapacity declined by 0.8% year over two, in-line with our planning assumption of a 1% decline, year over two.\n\n\n\nRevenue declined 5.5% year over two, which is better than our planning assumption of a 6% to 9% decline year over two. This was mainly the result of continued outperformance of our Fare Options initiative, as well as an uptick in demand as we closed out the quarter.\n\n\n\nOperating expenses per available seat mile decreased 2.1% year over two. Operating expenses per available seat mile, excluding fuel and special items (CASM ex-fuel) (1) increased 12.7%(1) year over two, which is in-line with our planning assumption of an 11% to 13% increase year over two.\n\n\n\nAdjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Special Items (Adjusted EBITDA) in the third quarter of 2021 was $140 million(1), better than our planning assumption range of $75 to $125 million.\n\n\nBalance Sheet and Liquidity\n\n\nAs of September 30, 2021, JetBlue’s adjusted debt to capital was 53%(1).\n\n\n\nJetBlue ended the third quarter of 2021 with approximately $3.3 billion in unrestricted cash, cash equivalents, and short-term investments, or 41% of 2019 revenue. This excludes our $550 million undrawn revolving credit facility.\n\n\n\nJetBlue repaid $74 million in regularly scheduled debt and finance lease obligations, and prepaid the $115M CARES Act loan and $105M of bank loans.\n\n\nFuel Expense and Hedging\n\n\nThe realized fuel price in the third quarter 2021 was $2.08 per gallon, a 1.2% i...