JetBlue Records $398 Million Loss in First Quarter 2022

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April 28. Yesterday we reported JetBlue’s plan to restore reliable service, which apparently means cutting service to make sure the airline can fly the routes it schedules. But we didn’t report the other unfortunate news of the day for JetBlue. The airline reported a GAAP pre-tax loss of $398 million in the first quarter of 2022, compared to a pre-tax income of $58 million in the first quarter of 2019.

Excluding one-time items, JetBlue recorded an adjusted pre-tax loss of $400 million in the first quarter of 2022 versus adjusted pre-tax income of $70 million in the first quarter of 2019. Capacity declined by 0.3 percent year over three, compared to guidance for capacity to decline 1 percent year over three. Revenue declined 7.2 per year over three, compared to guidance of a 6 percent to 9 percent decline year over three. But this was approximately 6 percentage points ahead of the midpoint of airline’s initial forecast of an 11 percent to 16 percent decline year over three, driven by pent-up demand that materialized beyond JetBlue’s expectations.

JetBlue ended the first quarter of 2022 with approximately $2.9 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities, or 36 percent of 2019 revenue. This excludes $550 million undrawn revolving credit facility. JetBlue paid down approximately $83 million in regularly scheduled debt and finance lease obligations during the first quarter of 2022.

Source: Insider Travel Report

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117260cookie-checkJetBlue Records $398 Million Loss in First Quarter 2022