JetBlue Airways Corporation ( NASDAQ: JBLU ) stock is down 10% this morning after the low-cost air carrier said a pursuit of operational reliability will further weigh on capacity growth moving forward. It, however, reported narrower-than-expected loss for Q1 on Tuesday.
Key takeaways from JetBlue Q1 results
- Net loss stood at $255 million versus the year-ago figure for $247 million.
- Per-share loss of 79 cents widened from 78 cents in Q1 last year.
- Adjusted for one-time items, per-share loss came in at 80 cents.
- Revenue shot up 137% YoY to $1.74 billion, as per the earnings press release.
- FactSet consensus was for 85 cents of per-share loss on $1.74 billion in revenue.
Load factor, traffic, and capacity growth was up 71%, 63.9%, and 88.1%, respectively. Fuel price was 41% higher than 2019 levels in the recent fiscal quarter.
Future outlook and CEO’s remarks
For the full financial year, JetBlue forecasts a 0.0% to 5.0% capacity growth versus 2019 levels. It expects fuel price to average at $3.79 per gallon (all-in) in the current quarter – a 31% increase sequentially. In the earnings press release, CEO Robin Hayes said:
Despite the current operating and fuel environment, we’re seeing underlying momentum on our path to transforming JetBlue’s structural profitability. We’re making progress on our long-term initiatives and these will be drivers of our earnings growth in coming years.
Earlier in April, JetBlue placed a “superior” bid to buy Spirit Airlines.
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