JetBlue Airways cuts full-year outlook
By Michele Maatouk
Date: Tuesday 31 Oct 2023
(Sharecast News) - JetBlue Airways cut its full-year outlook on Tuesday, citing "staggering" weather-related delays.
The company posted a third-quarter net loss of $153m, versus a profit of $57m in the same period a year earlier, with operating revenue down 8.2% year-on-year to $2.4bn.
For the fourth quarter, JetBlue now expects to post a loss of between 35 cents and 55 cents, and a revenue decline of between 6.5% and 10.5%.
For the year as a whole, it expects a loss of 45 cents to 65 cents and revenue increase of 3% to 5%.
President and chief operating officer Joanna Geraghty said: "We continue to see healthy travel demand during peak periods and the fourth quarter holidays. However, industry capacity is outpacing domestic demand during off peak travel periods. For the fourth quarter, our growth will be driven primarily by international as we proactively work to manage our capacity and reduce schedules in off-peak periods."
Chief financial officer Ursula Hurley said: "While we have been able to offset some of the costs associated with the challenging operational backdrop, the sheer magnitude of the air traffic control and weather-related delays has been staggering.
"We remain focused on controlling what we can control, including our structural cost program and fleet modernisation plans."
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