JBLU Q3 2023 Earnings

Call Details

• Call Title: JetBlue Airways Corporation Q3 2023 Earnings Call
• Date: October 31, 2023 at 2:00 PM UTC
• Management Team:
  • Robin Hayes (Chief Executive Officer)
  • Joanna Geraghty (President and Chief Operating Officer)
  • Ursula Hurley (Chief Financial Officer)
  • Koosh Patel (Director of Investor Relations)
  • Dave Clark (Head of Revenue and Planning)
  • Andres Berry (President of JetBlue Travel Products)

Call Summary

Financial Performance

• JetBlue reported a third quarter adjusted loss per share of $0.39 on a non-GAAP basis.
• Third quarter total revenues were down 8.2% year over year versus the prior year period.
• Third quarter system capacity grew up 7.1% year over year.
• Q3 CASM-ex-fuel (CASM X Fuel) was up 5.9% for the quarter, slightly above the high end of prior guidance.
• The company reported $2.1B of liquidity at quarter end, including an undrawn $600M revolving credit facility that was extended.
• Year-to-date JetBlue has delivered 11 aircraft and took delivery of five aircraft in Q3, with 6 additional deliveries expected through year end for a total of 17 deliveries in 2023.

Guidance

• JetBlue updated its four-year outlook and now expects a full year loss per share of $0.45 to $0.65.
• For the fourth quarter, the company expects revenue to be down 6.5% to 10.5% year over year.
• Full year 2023 revenues are expected to grow between 3% and 5% year over year.
• The company forecasts fourth quarter CASM-ex-fuel to increase 8.5% to 10.5% year over year.
• Full year CASM-ex-fuel outlook was raised to up 4.5% to 5.5% year over year, which is just above the high end of the prior range.
• For 2024 the company expects capacity growth to moderate and has signaled first quarter 2024 capacity to be slightly down year over year.