Categories AlphaGraphs, Earnings

JetBlue’s Q2 results beat market expectations

JetBlue Airways Corporation (NASDAQ: JBLU) topped analysts’ expectations for revenue and earnings in the second quarter of 2019. The stock was up 1.27% in premarket hours on Tuesday.

Total operating revenues of $2.11 billion were up 9.2% from the same period last year and ahead of the consensus estimate of $2.10 billion.

JetBlue tops market expectations for the second quarter of 2019

On a GAAP basis, the company reported a net income of $179 million, or $0.59 per share, compared to a net loss of $121 million, or $0.39 per share, in the year-ago quarter. Adjusted EPS rose to $0.60 from $0.37 last year, beating forecasts of $0.57.   

Revenue per available seat mile (RASM) increased 3.1% year-over-year, driven by holiday calendar placement and strong close-in trends. Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) increased 1.8%, driven mainly by pilot contract costs. 

During the quarter, revenue passenger miles rose 5.7% year-over-year. Capacity rose 5.9% due to a solid completion factor. The realized fuel price was $2.16 per gallon, a 5.3% decline versus last year’s realized fuel price of $2.28. Based on the forward curve as of July 12, JetBlue expects an average all-in price per gallon of fuel of $2.18 in the third quarter of 2019.

CEO Robin Hayes said, “Airbus has recently communicated additional A321neo delays that will reduce our 2020 growth plans and naturally add pressure to our CASM ex-fuel. Despite these delays, we remain confident that we can execute both our unit cost commitments and achieve our $2.50 to $3.00 earnings per share target for 2020.”

For the third quarter of 2019, JetBlue expects capacity to increase 3-5% year-over-year. RASM is expected to grow between 0.5% and 3.5% while CASM ex-fuel is expected to increase between 0.5% and 2.5%.

For the full year of 2019, the airline expects capacity to increase between 5.5% and 6.5%. CASM ex-fuel is expected to grow between 0.5% and 1.5% year-over-year.

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