JetBlue Airways (JBLU) announces operational and financial update
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JetBlue Airways (NASDAQ: JBLU) disclosed:
JetBlue Airways Corporation ("JetBlue" or the "Company") announced today an operational and financial update of its expected second quarter 2024 results.
JetBlue has maintained strong operational performance quarter-to-date with a completion factor of approximately 99%.
The Company continues to experience healthy overall demand trends, in-line with expectations. Better operational performance is driving solid cost execution in the second quarter, and is further supported by recent trends in jet fuel prices, which have declined over the quarter.
The table below provides JetBlue’s updated investor guidance for the second quarter ending June 30, 2024.
| Second Quarter 2024 Outlook | Current Guidance | Previous Guidance (1) | ||||||
| Capacity and Revenue | ||||||||
| Available Seat Miles ("ASMs") Year-Over-Year | (4.0%) - (2.0%) | (5.0%) - (2.0%) | ||||||
| Revenue Year-Over-Year | (9.5%) - (6.5%) | (10.5%) - (6.5%) | ||||||
| Expense | ||||||||
| CASM Ex-Fuel (2) Year-Over-Year | 5.0% - 7.0% | 5.5% - 7.5% | ||||||
| Fuel Price per Gallon (3), (4) | $2.85 - $2.95 | $2.98 - $3.13 | ||||||
| Capital Expenditures | Unchanged | ~$550 million | ||||||
(1) Previous guidance as of April 23, 2024.
(2) Non-GAAP financial measure; refer to Note A for further details on non-GAAP forward looking information.
(3) Includes fuel taxes, hedges and other fuel fees.
(4) JetBlue utilizes the forward Brent crude curve and the forward Brent crude to jet crack spread to calculate the unhedged portion of its current quarter. Fuel price is based on forward curve as of May 24, 2024.
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