JetBlue Airways (NASDAQ: JBLU) reported Q3 EPS of ($1.75), $0.25 better than the analyst estimate of ($2.00). Revenue for the quarter came in at $492 million versus the consensus estimate of $457.15 million.

• Third quarter 2020 revenue declined 76% year over year as a result of the impact of COVID-19. The decline is better than our initial planning assumption for the quarter of 80%, as a result improving leisure and visiting friends and relatives (“VFR”) travel trends throughout the quarter.
• Reduced third quarter 2020 capacity by 58% year over year compared to an initial planning assumption of a decrease of at least 45%, as a result of actions taken to manage cash burn and protect liquidity.
• Operating expenses declined 45% year over year. Excluding special items, adjusted operating expenses(1) declined 39% year over year. We successfully reduced our third quarter expenses by taking capacity actions to reduce variable costs and reducing fixed costs by adjusting work schedules and eliminating discretionary spend.

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