JetBlue Airways (JBLU) Tops Q1 EPS by 1c

JetBlue Airways (NASDAQ: JBLU) reported Q1 EPS of $0.25, $0.01 better than the analyst estimate of $0.24. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.63 billion.

• Operating income of $147 million, a decline of 57.9% from the first quarter of 2016.
• Pre-tax income of $126 million, a decrease of 60.9% from the first quarter of 2016.
• First quarter net income of $85 million, or $0.25 per diluted share. This compares to JetBlue’s first quarter 2016 net income of $207 million, or $0.61 per diluted share.

Yield per passenger mile in the first quarter was 12.73 cents, down 5.5% compared to the first quarter of 2016. Passenger revenue per available seat mile (PRASM) for the first quarter 2017 decreased 5.8% year over year to 10.68 cents and operating revenue per available seat mile (RASM) decreased 4.8% year over year to 11.81 cents.

Compared with last year, operating expenses for the quarter increased 15%, or $190 million. Interest expense for the quarter declined 13.5%, or $4 million, as JetBlue continued to reduce its debt. JetBlue’s operating expense per available seat mile (CASM) for the first quarter increased 10.3% year over year to 10.73 cents. Excluding fuel, first quarter CASM1 increased 3.3% to 8.35 cents.

“We remain focused on executing the many initiatives we have underway to improve returns and drive shareholder value. In the near-term, we took quick actions in the first quarter to address RASM trends that were below our expectations. We have been encouraged by the initial results of those actions and expect to see further improvement in the second quarter. I want to add a special thanks to our over 20,000 crewmembers for their tireless efforts in making JetBlue an outstanding company,” said Robin Hayes, JetBlue’s President and CEO.

For earnings history and earnings-related data on JetBlue Airways (JBLU) click here.

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