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JetBlue reports $257 million quarterly loss as fuel bill jumps
CNBC reported JetBlue posted a $257 million third-quarter net loss, wider than a year earlier, as fuel costs rose 61 percent, while CEO Joanna Geraghty said demand remained strong.
- New headline Was: “JetBlue posts bigger loss on fuel costs, but CEO says margins improving”
- Our desk filed its story
JetBlue Airways reported a $257 million net loss for the third quarter ended Sept. 30, wider than a $143 million loss a year earlier, as its fuel bill rose 61 percent to $868 million, CNBC reported Monday1.
CNBC said the New York-based carrier posted an adjusted loss of 60 cents a share, compared with a 55-cent loss expected in LSEG estimates, and $2.81 billion in revenue versus $2.82 billion expected1.
CEO Joanna Geraghty said in an earnings release that demand and yields ran ahead of the company’s initial outlook, letting it recapture more of the fuel-cost increase than expected, and that the trend continued into the fourth quarter, including at Fort Lauderdale as capacity grew, according to CNBC1.
CNBC said JetBlue last reported an annual profit in 2019 and is in a multiyear plan to cut costs and raise premium revenue, including a new domestic first-class cabin1.
The network said JetBlue shares were down more than 40 percent this month after falling to a record low Monday, that executives were scheduled to take analyst questions on a call Tuesday at 10 a.m. ET, and that the Wall Street Journal reported Friday some senior creditors were working with restructuring adviser PJT Partners1.
Independent confirmation of the creditor talks, and any further detail from Tuesday’s call, was not in the CNBC account1.
