JetBlue Airways Q1 Profit Tops Expectations
Shares of JetBlue Airways Corporation (NASDAQ: JBLU) gained over 4 percent after the company reported better-than-expected earnings for the first quarter.
The Long Island City, New York-based company reported a quarterly profit of $137 million, or $0.40 per share, versus a year-ago profit of $4 million, or $0.01 per share.
Its revenue gained 13 percent to $1.52 billion versus $1.35 billion. However, analysts were expecting a profit of $0.39 per share on revenue of $1.52 billion.
Operating income in the first quarter rose to $253 million, up from $41 million in the year-ago quarter.
Its passenger revenue per available seat mile rose 4.5 percent to 12.33 cents.
Revenue passenger miles climbed 11.1 percent to 9.6 billion, while capacity rose 9.6 percent. Load factor widened to 84.3 percent from 83.1 percent.
The company ended the quarter with around $1 billion in unrestricted cash and short term investments.
The average estimate among 19 Estimize users was for earnings of $0.39 per share and revenue of $1.52 billion.
"JetBlue had a strong first quarter despite challenging winter weather conditions." said Mark Powers, JetBlue's Chief Financial Officer. "As we look forward, we expect to implement the return accretive initiatives we outlined at Investor Day and improve the balance sheet while continuing to reinvest in our business."
The company expects capacity growth of 5.5 percent to 7.5 percent for the second quarter, and 7 percent to 9 percent for the full year.
It projects CASM, excluding fuel and profit sharing, to gain 1.0 percent to 3.0 percent for the second quarter, and 0 percent to 2 percent for the full year.
JetBlue shares rose 4.72 percent to $20.64 at 11:30 a.m. ET.
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