JetBlue Airways on Tuesday reported a loss
of $60 million in its third quarter.
That amounts to about 17 cents per share. Losses
adjusted for non-recurring costs came to 16 cents per share.
The result surpassed Wall Street
expectations, but still was somewhat disappointing given the increase in
summer travel. Revenue for the quarter was $2.37 billion, which also beat
Wall Street estimates.
JetBlue maintains that it is on target to reach full-year
expectations.
"We met or exceeded all of our
financial targets for the third quarter and progressed on the implementation of
our JetForward strategy, sustaining the momentum we established in the second
quarter," said Joanna Geraghty, JetBlue's chief executive officer.
"Thanks to our crewmembers' efforts and our improved operational
performance in the third quarter, we saw a double digit increase in customer
satisfaction year-over-year. I am proud to lead this incredible team,
particularly as they continue to deliver the JetBlue experience in the face of
operational challenges like Hurricanes Helene and Milton," Geraghty continued.
"We are pleased by our positive
year-over-year unit revenue performance in the third quarter," said Marty St. George, JetBlue's
president. "Our self-help
capacity actions have helped to better match supply with demand during off-peak
flying. Demand remained healthy in peak periods and close-in, and was further
supported by improving competitive capacity, particularly in the Latin region,
and the ramp of our revenue initiatives."
The airline even introduced a new product. Even More Space offers greater visibility
in the booking process by offering it to customers directly on the flight
search results page on its website. In addition, customers may continue to
purchase Even More Space seats in the seat selection map.
"We’re thrilled to enhance our
popular extra legroom seats, giving customers even more reasons to choose
JetBlue," said St. George. "A key part of the EvenMore transformation
is making it easier for customers to find and book these enhanced options right
from the start."
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