Financial Performance - JetBlue reported a net income of $25 million or $0.07 earnings per share for Q2 2024, with adjusted net income of $26 million or $0.08 earnings per share[5]. - Net income dropped by 81.9% to $25 million for the three months ended June 30, 2024, compared to $138 million for the same period in 2023[18]. - Basic earnings per share for Q2 2024 was $0.07, compared to $0.41 in Q2 2023, reflecting a significant decline[36]. - Six-month earnings per share for 2024 showed a loss of $(2.02), compared to a loss of $(0.16) in the same period of 2023[36]. - The company experienced a significant decline in earnings per share over the six-month period, indicating potential challenges ahead[36]. - Overall, the financial results indicate a need for strategic reassessment to improve future performance[36]. Revenue and Expenses - Operating revenue for Q2 2024 was $2.4 billion, a decrease of 6.9% year-over-year, while operating expenses remained at $2.4 billion, down 0.1% year-over-year[5]. - Total operating revenues decreased by 6.9% to $2.428 billion for the three months ended June 30, 2024, compared to $2.610 billion for the same period in 2023[18]. - Passenger revenues fell by 7.9% to $2.265 billion for the three months ended June 30, 2024, compared to $2.460 billion for the same period in 2023[18]. - Operating income decreased by 75.9% to $57 million for the three months ended June 30, 2024, compared to $235 million for the same period in 2023[18]. - Total operating expenses for the three months ended June 30, 2024, were $2,371 million, a slight decrease of 0.1% compared to $2,375 million in the same period of 2023[27]. - Operating expenses excluding fuel for the same period were $1,729 million, reflecting a 1.0% increase from $1,714 million in 2023[27]. - For the six months ended June 30, 2024, total operating expenses increased by 7.2% to $5,300 million from $4,944 million in 2023[28]. - Operating expenses excluding fuel for the six months ended June 30, 2024, were $3,454 million, up 2.5% from $3,369 million in 2023[28]. Operational Metrics - JetBlue's completion factor improved to 98.8% in Q2 2024, up from 97.8% in Q2 2023, indicating enhanced operational performance[6]. - Revenue passenger miles (RPMs) decreased by 4.1% to 14,192 million for the three months ended June 30, 2024, compared to 14,798 million for the same period in 2023[21]. - Load factor decreased to 84.0% for the three months ended June 30, 2024, down from 85.3% for the same period in 2023[21]. - The average number of operating aircraft during the period was 285, a slight increase of 1.2% compared to 282 in the same period last year[21]. Cost Management - The company has executed structural cost program savings of approximately $145 million to date, contributing to its cost management efforts[6]. - The average fuel price in Q2 2024 was $2.87 per gallon, impacting overall operating costs[5]. - Average fuel cost per gallon increased by 5.1% to $2.87 for the three months ended June 30, 2024, compared to $2.73 for the same period in 2023[21]. - JetBlue anticipates maintaining its CASM-ex Fuel guidance for the full year in the range of 6.5% to 8.5% despite facing unit cost headwinds[10]. Strategic Initiatives - The company aims to achieve $800 million to $900 million of incremental EBIT from 2025 to 2027 through its JetForward strategy[4]. - JetBlue plans to defer approximately $3.0 billion in capital expenditures through 2029 to restore balance sheet health and improve cash flow[3]. - JetBlue is focusing on enhancing its leisure network, particularly in New York, New England, and Florida, with new routes announced to meet customer needs[2]. Special Items and Adjustments - Special items for the three months ended June 30, 2024, included voluntary opt-out costs, while for the six months, they included Spirit-related costs and Embraer E190 fleet transition costs[29]. - The company reported a pre-tax loss of $736 million for the six months ended June 30, 2024, compared to a pre-tax income of $216 million in 2023[33]. - The company experienced a 97.3% decrease in special items for the three months ended June 30, 2024, with only $1 million reported compared to $24 million in 2023[27]. - Special items added back to earnings for Q2 2024 amounted to $0.07, while for the six months it was $1.64[36]. - Income tax benefit related to special items for Q2 2024 was $0.02, consistent with the previous year[36].

JetBlue Airways Corporation (JBLU) is scheduled to report second-quarter 2024 results on Jul 30 before market open.JetBlue Airways has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missing once. The average beat is 4.77%.The Zacks Consensus Estimate for JBLU’s soon-to-be-reported quarter’s loss is currently pegged at 16 cents per share, narrower than the loss of 26 cents per share 60 days ago.The Zacks Consensus Estimate for ...

JetBlue Airways (JBLU) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on July 30, 2024, might help the stock move higher if these key numbers are better than exp ...

JetBlue Airways’ (JBLU) shares have gained 15% in the past six months compared with the industry’s 10.2% growth. The S&P 500 composite index rose 17.2% in the same time frame, while the Zacks Transportation sector declined 4.3%. The low-cost carrier currently has a market capitalization of $1.99 billion.Image Source: Zacks Investment ResearchUpbeat passenger volumes, owing to a buoyant air travel demand scenario, are primarily driving growth at JBLU. The airline operator, presently carrying a Zacks Rank #3 ...

JetBlue Airways Corporation (JBLU) is forging ahead to strengthen itsfoothold in Mexico. To this end, JBLU has officially launched a service between New York’s John F. Kennedy International Airport (JFK) and Tulum’s Felipe Carrillo Puerto Tulum International Airport (TQO).JetBlue's new daily nonstop service from New York JFK to Tulum marks JetBlue’s third destination in Mexico, apart from Cancun and Los Cabos. The newly launched Tulum route will be served using JBLU’s Airbus A320 aircraft.JBLU had started i ...

JetBlue Airways’ (JBLU) efforts to upgrade its fleet are commendable. However, JBLU is grappling with major headwinds like high operating expenses, which are adversely impacting its bottom line.Factors Favoring JBLUJetBlue's fleet modernization is impressive, marked by the introduction of the Airbus A321neo and the launch of transatlantic service to London. Its success is further highlighted by the expansion of the Mint service from Newark, with $75 million in savings expected by 2024.JBLU’s commitment to r ...

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024.Spirit Airlines CEO Ted Christie said Friday that the budget airline isn't considering a chapter 11 bankruptcy filing and is "encouraged" by its plan after a failed takeover by JetBlue Airways.Spirit has been struggling with shifting travel demand, increased U.S. competition and a Pratt & Whitney engine recall that grounded dozens of its Airbus planes. ...

JetBlue Airways Corporation (JBLU) has provided updated guidance for the second quarter of 2024.JBLU now anticipates its second-quarter revenues to decline between 6.5% and 9.5% year over year, which marks an improvement from the previous guidance of a 6.5% to 10.5% decline.Capacity or Available Seat Miles (ASMs) is now anticipated to decline in the 2-4% range. This marks an improvement over the prior forecast to decline in the 2-5% band.Further, the company has lowered its CASM, excluding fuel and special ...

In a customer-friendly move, JetBlue Airways (JBLU) recently announced plans to expand its network in Puerto Rico. The low-cost carrier also revealed plans to introduce the highly popular Mint service — JBLU’s take on premium travel — to three cities. As part of its expansion move, it also intends to start flying to three more Caribbean destinations.Let’s delve deeper.To boost its presence in Puerto Rico, management announced that from October, it will add flights to six new destinations from its capital ci ...

Travel demand remains strong, but cracks are showing at certain carriers.In the recently completed first quarter, travel demand held up surprisingly well, countering investor fears that rising inflation and energy prices would eat into big-ticket purchases like airfares. But cracks are forming in individual names.Shares of Frontier Group Holdings (ULCC -3.31%) fell 25.5% in April, according to data provided by S&P Global Market Intelligence, and shares of Southwest Airlines (LUV 0.62%) and JetBlue Airways ( ...