JBLU - JetBlue stock loses 10% on Q1 earnings: here's a summary of its conference call
2024-04-23 08:39:02 ET
JetBlue Airways Corporation (NASDAQ: JBLU) says its loss widened on a year-over-year basis in Q1. Shares of the air carrier are down 10% at writing.
JetBlue stock continues to struggle
The low-cost airline did, however, tell investors on the conference call this morning that it’s on track to deliver revenue initiatives worth about $300 million in 2024.
is evaluating capital light options to drive growth as well, the management added.
Latin geography, as per Joanna Geraghty – the chief executive of JetBlue, remains under pressure due to elevated industry capacity.
Fleet modernisation has delivered about $75 million in savings to date, she added. The air carrier also increased the size of that programme by $25 million to $100 million today. JetBlue stock is now down roughly 30% versus its 52-week high.
Watch here: https://www.youtube.com/embed/A6KttkIuCc4?feature=oembedJetBlue remains committed to cutting costs
JetBlue is keeping committed to exploring additional avenues of lowering costs. These include tech-enabled efficiencies, maintenance spend optimisation, and focus on productivity.
The air carrier has a solid unencumbered asset base as well – as per its earnings call on Tuesday.
Note that may have taken a hit to earnings and revenue in its recently concluded quarter but it did come in ahead of Street estimates on both fronts today. You can read its full earnings release on this link.
Last month, the low-cost airline terminated the planned $3.8 billion merger with Spirit Airlines as Invezz reported here . Wall Street currently has a consensus “hold” rating on JetBlue stock.
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