JetBlue Airways Issues Q1 & FY24 Guidance; Evaluating Deeper Cuts To Controllable Costs

(RTTNews) - JetBlue Airways Corporation (JBLU) said, for the first quarter, the company anticipates revenue to decline 9.0% - 5.0% year-over-year. Capacity, measured in Available Seat Miles, are projected to decline 6.0% - 3.0% from last year. For fiscal 2024, the company targets: revenue to be approximately flat; and AMSs to be down low single digits.

"We are carefully evaluating deeper cuts to our controllable costs beyond our ongoing fleet modernization and structural cost programs," said Ursula Hurley, JetBlue's chief financial officer.

Fourth quarter net loss was $104 million compared to profit of $24 million, last year. Loss per share was $0.31 compared to profit of $0.07. Adjusted loss per share was $0.19 compared to profit of $0.22. On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.28, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter operating revenue was $2.3 billion, down 3.7% year-over-year. Analysts on average had estimated $2.28 billion in revenue. Capacity increased by 3.3% year-over-year.

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