JetBlue Airways continued the upbeat third-quarter earnings from domestic airlines on Tuesday, announcing it has posted a third-quarter profit for the period from July 1 to September 30 - or the bulk of the summer travel season.
The New York-based carrier, which earlier this year acquired Spirit Airlines in a deal that still needs regulatory approval, reported a $57 million profit thanks to the huge demand for travel in the wake of the pandemic.
"For the third quarter, we reached an important milestone in our recovery as we generated our first quarterly adjusted profit since the start of the pandemic. Looking ahead, we expect our profitability to carry through to 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," Robin Hayes, JetBlue's Chief Executive Officer, said in a statement.
"We continue to see a growing appetite for JetBlue's unique customer value proposition of low fares and great service. With ample runway for growth ahead of us, we remain focused on execution and value creation for all our stakeholders."
So far, virtually every U.S.-based airline has reported strong growth in their respective Q3 earnings coming off a spring and summer season that rivaled pre-pandemic passenger capacity. Hayes said he sees further growth in the future thanks to the Spirit merger.
"I'm also pleased that last week Spirit shareholders overwhelmingly voted to approve our proposed acquisition," he said. "Together, we'll build a truly national low-fare challenger to the dominant Big Four airlines and expand our compelling combination of award-winning service and low fares to more customers across more destinations."
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