The carrier's Q2 results pleasantly surprised everyone -- including management.Shares of JetBlue (JBLU 17.37%) were soaring Tuesday, up by 17% as of 1 p.m. ET after the discount airline landed a surprise profit in the middle of Wall Street before the opening bell.Heading into the quarterly report, the consensus view among analysts was that the airline would lose $0.11 per share on $2.4 billion in revenue in Q2. They were right about the revenues -- but instead of losing money, JetBlue delivered an $0.08 per ...

ToplineShares of JetBlue saw their biggest daily percentage gain since February on Tuesday, soaring as much as 20% as the airline posted a better-than-expected quarterly revenue, returning company shares to a three-month high.JetBlue said it will eliminate 50 underperforming routes and boost coverage in the Northeast, ... [+] Florida and Puerto Rico.Getty Images Key FactsShares of JetBlue, the fifth-largest airline in the country, ascended to over $7 per share as of 11:30 a.m. Tuesday morning, up about 18%, ...

A JetBlue Airways jet comes in for a landing after flights earlier were grounded during an FAA system outage at Laguardia Airport in New York City, New York, U.S., January 11, 2023.JetBlue Airways shares jumped 20% on Tuesday after the airline posted a surprise profit and said it would defer another $3 billion in aircraft spending through 2029 to improve cash flow.The New York-based airline has been cutting unprofitable routes and reducing costs to get back to profitability as it faces higher expenses and a ...

2Q24 Earnings Presentation July 30, 2024 1 2 Safe Harbor 2 2 This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts ...

JetBlue Airways (JBLU) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of a loss of $0.13 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 161.54%. A quarter ago, it was expected that this airline would post a loss of $0.53 per share when it actually produced a loss of $0.43, delivering a surprise of 18.87%.Over the last four quarters, the c ...

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PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) JetBlue's unaudited condensed consolidated financial statements for the period ended June 30, 2024, including balance sheets, income, cash flows, and detailed notes, are presented [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly increased, liabilities rose due to debt, and stockholders' equity decreased, reflecting the net loss as of June 30, 2024 Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$13,993** | **$13,853** | | Cash and cash equivalents | $1,312 | $1,166 | | Total property and equipment, net | $10,296 | $9,675 | | **Total Liabilities** | **$11,296** | **$10,516** | | Air traffic liability | $2,354 | $2,203 | | Long-term debt and finance lease obligations | $5,016 | $4,409 | | **Total Stockholders' Equity** | **$2,697** | **$3,337** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2024 net income significantly decreased, while the six-month period saw a widened net loss primarily due to Spirit merger termination charges Q2 Operating Results (in millions, except EPS) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Total operating revenues | $2,428 | $2,610 | -6.9% | | Operating income | $57 | $235 | -75.7% | | Net income | $25 | $138 | -81.9% | | Diluted EPS | $0.07 | $0.41 | -82.9% | Six-Month Operating Results (in millions, except EPS) | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Total operating revenues | $4,637 | $4,937 | -6.1% | | Operating loss | $(663) | $(7) | N/A | | Net loss | $(691) | $(54) | N/A | | Diluted EPS | $(2.02) | $(0.16) | N/A | - Special items significantly impacted results, totaling **$563 million** for the first six months of 2024 compared to **$136 million** in the same period of 2023[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations sharply declined, investing activities increased, and financing activities provided significant cash for the six months ended June 30, 2024 Six-Month Cash Flow Summary (in millions) | Cash Flow Activity | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $190 | $663 | | Net cash used in investing activities | $(668) | $(375) | | Net cash provided by financing activities | $607 | $134 | | **Increase (decrease) in cash** | **$129** | **$422** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue, liabilities, debt, and significant commitments, including substantial costs from the terminated Spirit merger - As of June 30, 2024, contract liabilities, primarily from ticket sales and loyalty points, totaled **$2.77 billion**[40](index=40&type=chunk)[41](index=41&type=chunk) - The company has firm commitments for **117 new aircraft**, including 68 Airbus A220s and 49 A321neos, with total committed expenditures of **$6.5 billion**[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) Special Items for Six Months Ended June 30, 2024 (in millions) | Item | Amount | | :--- | :--- | | Spirit-related costs | $532 | | Voluntary opt-out costs | $16 | | Embraer E190 fleet transition costs | $15 | | **Total Special Items** | **$563** | - The termination of the Spirit merger resulted in a **$69 million** breakup fee payment and the write-off of **$425 million** in prepayments to Spirit shareholders, which were recorded as special items[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2024 financial results, strategic framework, network adjustments, and operational challenges, including liquidity and non-GAAP measures [Overview and Recent Developments](index=26&type=section&id=Overview%20and%20Recent%20Developments) JetBlue achieved Q2 net income despite capacity decrease, launched 'JetForward' strategy, adjusted its network, and faced ongoing Pratt & Whitney engine issues - Announced the 'JetForward' strategic framework focused on four priorities: reliable service, building the best east coast leisure network, valuable products, and a secure financial future[106](index=106&type=chunk) - Agreed with Airbus to defer **44 A321neo aircraft deliveries** from 2025-2029 to 2030 and beyond, pursuing capital-light growth by extending the lives of approximately **30 A320 aircraft**[110](index=110&type=chunk) - Pratt & Whitney engine issues have led to an average of **11 aircraft grounded** through H1 2024, with this number expected to remain consistent for the rest of the year and rise to the mid-to-high teens in 2025[111](index=111&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q2 operating revenue decreased with flat expenses, while H1 saw a significant operating loss due to merger termination costs, impacting CASM ex-fuel Q2 2024 vs Q2 2023 Key Metrics | Metric | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Operating revenue per ASM (cents) | 14.38 | 15.04 | -4.4% | | Operating expense per ASM (cents) | 14.04 | 13.68 | +2.6% | | Available seat miles (ASMs) (millions) | 16,887 | 17,353 | -2.7% | | Load factor | 84.0% | 85.3% | -1.3 pts | H1 2024 vs H1 2023 Key Metrics | Metric | H1 2024 | H1 2023 | % Change | | :--- | :--- | :--- | :--- | | Operating revenue per ASM (cents) | 13.97 | 14.47 | -3.5% | | Operating expense per ASM (cents) | 15.96 | 14.49 | +10.2% | | Available seat miles (ASMs) (millions) | 33,200 | 34,122 | -2.7% | | Load factor | 81.9% | 82.6% | -0.7 pts | [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) JetBlue maintains $1.6 billion in cash, but operating cash flow decreased, and the working capital deficit increased, with significant future cash requirements - The company had **$1.6 billion** in unrestricted cash, cash equivalents, and marketable securities at June 30, 2024[143](index=143&type=chunk) - Operating cash flow decreased to **$190 million** for the first six months of 2024, compared to **$663 million** for the same period in 2023, driven by changes in working capital and the Spirit merger termination[144](index=144&type=chunk) - The working capital deficit increased from **$1.5 billion** at year-end 2023 to **$1.8 billion** at June 30, 2024[149](index=149&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) JetBlue faces market risks from fuel price volatility and interest rate changes, with a 10% fuel increase impacting annual expense by $234 million - A hypothetical **10% increase** in the cost per gallon of fuel would increase annual aircraft fuel expense by approximately **$234 million**[179](index=179&type=chunk) - A **100 basis point increase** in interest rates would increase annual interest expense by approximately **$7 million** due to the company's variable-rate debt[180](index=180&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes in internal control - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2024[181](index=181&type=chunk) - No changes occurred during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[182](index=182&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and claims in the ordinary course of business, with details in Note 6 of the financial statements - The company is party to various legal proceedings incidental to its business operations, with further details provided in Note 6 to the financial statements[184](index=184&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2023 Form 10-K have occurred - No material changes have occurred in the company's risk factors since the filing of the 2023 Form 10-K[185](index=185&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) The company amended its credit facility on July 29, 2024, extending its maturity to 2029 and modifying key terms - On July 29, 2024, the company amended its credit facility, extending its maturity to 2029 and modifying several key terms, including liquidity requirements and eligible collateral[187](index=187&type=chunk)

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 ...

Core Viewpoint - JetBlue Airways is anticipated to report a year-over-year decline in earnings due to lower revenues, with a consensus estimate of a quarterly loss of $0.16 per share, reflecting a -135.6% change from the previous year [1][2] Financial Performance Expectations - Revenues for JetBlue are expected to be $2.4 billion, which is an 8.2% decrease compared to the same quarter last year [2] - The consensus EPS estimate has been revised 7.99% higher in the last 30 days, indicating a reassessment by analysts [2] Earnings Surprise Prediction - The Zacks Earnings ESP for JetBlue is +22.96%, suggesting a higher Most Accurate Estimate compared to the Zacks Consensus Estimate, indicating bullish sentiment among analysts [5] - JetBlue holds a Zacks Rank of 3, which indicates a hold rating [5][6] Historical Performance - In the last reported quarter, JetBlue was expected to post a loss of $0.53 per share but actually reported a loss of $0.43, resulting in a positive surprise of +18.87% [7] - Over the past four quarters, JetBlue has beaten consensus EPS estimates three times [7] Industry Context - Hawaiian Holdings, another player in the airline industry, is expected to report a loss of $1.27 per share, indicating a year-over-year change of -170.2%, with revenues projected at $749.3 million, up 6% from the previous year [9] - Hawaiian Holdings has a negative Earnings ESP of -15.75% and a Zacks Rank of 3, making it difficult to predict an earnings beat [9]