JetBlue posts quarterly profit as travel demand helps cover jump in costs

JetBlue Airways

eked out a $57 million profit for the third quarter as strong travel demand and higher fares helped the carrier cover more expensive fuel and other costs.

The New York-based airline’s revenue rose 30% during the quarter from the same period last year to $2.56 billion, in line with analysts’ estimates. JetBlue’s operating margin narrowed to 5.4% from 9.4% a year earlier after expenses rose nearly 36% from the same period of 2021. 

JetBlue’s CEO, Robin Hayes, said the carrier expects “another solid quarter of mid-single-digit pre-tax margins in the fourth quarter, and we’ll look to expand on that further in 2023 as we continue to restore our earnings power.”

Here’s how JetBlue performed in the third quarter, compared with Wall Street expectations according to Refinitiv consensus estimates:

Adjusted earnings per share: 21 cents vs. an expected 23 cents. Total revenue: $2.56 billion vs. an expected $2.56 billion. JetBlue’s shares fell close to 3% Tuesday, recovering slightly from earlier losses. Other airlines’ shares rose, and Southwest, United and Delta outpaced the S&P 500

′s gains.

(US.JBLU)

READ MORE