JetBlue Airways Q4 Earnings Top Estimates; Maintains Focus On Cost Control

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  • JetBlue Airways Corporation JBLU reported fourth-quarter FY22 operating revenue growth of 31.7% year-on-year to $2.42 billion, beating the consensus of $2.41 billion.
  • Adjusted EPS of $0.22 beat the consensus of $0.20.
  • Operating expenses increased 21.5% year-over-year to $2.37 billion.
  • Operating income for the quarter was $43 million compared to a loss of $(119) million last year. Operating margin was 1.8%.
  • Load factor improved to 83.2% from 76.4% a year ago. Revenue passenger miles increased 17.8% Y/Y, and ASM increased 8.3% Y/Y.
  • The average aircraft fuel price per gallon, including related taxes, was $3.70 vs. $2.37 last year.
  • The company's debt was $3.6 billion as of Dec. 31, 2022. JetBlue ended the quarter with $1.6 billion in cash and equivalents.
  • "We expect to gain further momentum in the business in 2023 with solid revenue performance throughout the year as we execute on our commercial initiatives and maintain a strong focus on cost control," said CEO Robin Hayes.
  • Outlook: JBLU expects FY23 revenue growth of high single digits to low double digits. JetBlue sees FY23 adjusted EPS of $0.70 - $1.00.
  • JBLU expects Q1 FY23 revenue growth of 28% - 32% and adjusted loss per share of ($0.45) – ($0.35).
  • "As we kick off 2023, we're pleased to see the demand environment remain solid into the seasonally trough period of the year," said COO Joanna Geraghty.
  • Price Action: JBLU shares are trading lower by 3.33% at $8.13 on the last check Thursday.
  • Photo Via Company
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