JetBlue(JBLU) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 operating margin was 0.7% and adjusted operating margin improved by 2.4 points year-over-year to 0.8%[5] - Net loss for Q4 2024 was $44 million or $(0.13) per share, while the net loss excluding special items was $72 million or $(0.21) per share[5] - Total operating revenues for Q4 2024 were $2,277 million, a decrease of 2.1% compared to $2,325 million in Q4 2023[16] - Passenger revenue decreased by 3.1% to $2,100 million in Q4 2024 from $2,166 million in Q4 2023, while other revenue increased by 11.5% to $177 million[16] - The net loss for Q4 2024 was $44 million, a 57.5% improvement compared to a net loss of $104 million in Q4 2023[16] - Net loss for the twelve months ended December 31, 2024, was $795 million, compared to a net loss of $310 million in 2023[41] - Loss per share for Q4 2024 was $(0.13), an improvement from $(0.31) in Q4 2023[37] - EBIT for the twelve months ended December 31, 2024, was $(658) million, reflecting the company's operating performance[41] - Operating income excluding special items for Q4 2024 was $18 million, compared to a loss of $38 million in Q4 2023[35] - The adjusted pre-tax margin for the twelve months ended December 31, 2024, was (3.2)%, compared to (1.5)% in 2023[35] Revenue and Expenses - Achieved $395 million in revenue initiatives for 2024, exceeding the target by $95 million, contributing $90 million to EBIT from the JetForward program[5][3] - Operating revenue for Q4 2024 was $2.3 billion, down 2.1% year-over-year, with capacity decreasing by 5.1% year-over-year[5] - Operating expenses decreased by 5.5% to $2,260 million in Q4 2024 from $2,392 million in Q4 2023, primarily due to a 27.3% reduction in aircraft fuel costs[16] - Total operating expenses for Q4 2024 were $2,260 million, a decrease of 5.5% compared to $2,392 million in Q4 2023[29] - Operating expenses excluding fuel for Q4 2024 were $1,737 million, an increase of 5.3% from $1,650 million in Q4 2023[29] - Total operating expenses for the twelve months ended December 31, 2024, were $9,963 million, a slight increase of 1.2% from $9,845 million in 2023[29] Cash and Debt - JetBlue ended Q4 2024 with $3.9 billion in unrestricted cash and equivalents, excluding a $600 million undrawn revolving credit facility[8] - Cash and cash equivalents increased to $2,449 million as of December 31, 2024, up from $1,166 million a year earlier[20] - Total debt rose significantly to $8,539 million in Q4 2024 from $4,716 million in Q4 2023[20] Operational Metrics - Average fuel price in Q4 2024 was $2.47 per gallon, including hedges, with operating expense per available seat mile (CASM) decreasing by 0.4% year-over-year[8] - Average fuel cost per gallon decreased by 22.3% to $2.47 in Q4 2024 from $3.18 in Q4 2023[18] - Revenue passengers decreased by 2.8% to 9,942 thousand in Q4 2024 from 10,225 thousand in Q4 2023[18] - The load factor improved by 2.1 percentage points to 82.2% in Q4 2024 compared to 80.1% in Q4 2023[18] - The average number of operating aircraft increased by 1.5% to 288 in Q4 2024 compared to 284 in Q4 2023[18] Future Outlook - JetForward is on track to achieve an EBIT target of $800 million to $900 million by 2027[3] - Estimated first quarter 2025 available seat miles (ASMs) are expected to decrease by 5.0% to 2.0% year-over-year, while full year 2025 ASMs are projected to be approximately flat[7] - The company expects to achieve a positive operating margin in 2025 by building on the progress made in 2024 and continuing cost control efforts[7] - The company plans to introduce a domestic first-class cabin on all non-Mint aircraft starting in 2026[5]