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JetBlue Airways’ (JBLU - Free Report) second-quarter 2024 earnings (excluding one cent per share from non-recurring items) of 8 cents per share beat the Zacks Consensus Estimate of a loss of 13 cents. In the year-ago quarter, JBLU reported earnings of 45 cents.
Operating revenues of $2.43 billion beat the Zacks Consensus Estimate of $2.39 billion. However, the top line decreased 7% year over year.
Passenger revenues, accounting for the bulk of the top line (93.4%), declined to $2.26 billion from $2.46 billion a year ago. Passenger revenues were hurt due to air traffic control issues in the Northeast. The metric was just ahead of our projection of $2.23 billion. Other revenues rose 9.1% to $163 million, ahead of our estimate of $153.7 million.
JetBlue Airways Corporation Price, Consensus and EPS Surprise
All comparisons have been presented on a year-over-year basis unless mentioned otherwise.
Revenue per available seat mile (RASM: a key measure of unit revenues) declined 4.4% to 14.38 cents. Passenger revenue per available seat mile fell 5.4% to 13.41 cents. The average fare at JetBlue decreased 0.5% to $218.27. The yield per passenger mile dipped 4%.
Consolidated traffic (measured in revenue passenger miles) declined 4.1%. Capacity (measured in available seat miles) dropped 2.7%. Consolidated load factor (percentage of seats filled by passengers) contracted 1.3 pts. to 84% as the traffic decline was more than the capacity reduction. The actual value of the load factor was more than our projection of 83%.
Total operating costs (on a reported basis) remained flat at $2.4 billion. Expenses on salaries, wages and benefits increased marginally by 1.6% year over year. The average fuel price per gallon (including related taxes) was $2.87, up 5.1% year over year. JBLU’s operating expenses per available seat mile (CASM) increased 2.6% year over year. Excluding fuel, CASM rose 3.7% to $10.24 cents.
JetBlue exited the quarter with cash and cash equivalents of $1.31 billion compared with $1.16 billion at the end of 2023. The total debt at the end of the June quarter was $5.37 billion compared with $4.72 billion in 2023.
While providing guidance for the third quarter of 2024, management stated that all comparisons had been made with respect to the third-quarter 2023 figures.
Capacity is anticipated to decline in the 3-6% band. CASM, excluding fuel and special items, is predicted to climb 6-8%. Capital expenditures are expected to be roughly $365 million. Total revenues are forecast to tumble in the range of 1.5-5.5%. The average fuel cost per gallon is estimated between $2.82 and $2.97.
For full-year 2024, capacity is envisioned to be down in the 2.5-5% band. CASM, excluding fuel and special items, is predicted to be up in the 6.5-8.5% band. Capital expenditures are expected to be roughly $1.6 billion. Total revenues are forecast to tumble in the range of 4-6%. The average fuel cost per gallon is estimated between $2.80 and $3.
Q2 Performances of Other Transportation Companies
Delta Air Lines’ (DAL - Free Report) second-quarter 2024 earnings (excluding 35 cents from non-recurring items) of $2.36 per share missed the Zacks Consensus Estimate of $2.37 and decreased 12% year over year.
Revenues of $16.7billion surpassed the Zacks Consensus Estimate of $16.3 billion and increased 7% on a year-over-year basis. Passenger revenues, accounting for 83% of the total revenues, improved 5% year over year.
United Airlines (UAL - Free Report) reported second-quarter 2024 earnings (excluding 18 cents from non-recurring items) of $4.14 per share, which surpassed the Zacks Consensus Estimate of $3.97 per share. However, the bottom line decreased 17.69% year over year.
Operating revenues of $15 billion missed the Zacks Consensus Estimate of $15.13 billion. However, the top line increased 5.7% year over year due to upbeat air travel demand. Cargo revenues rose by 14.4% year over year to $414 million. Revenues from other sources jumped 9.6% year over year to $892 million.
J.B. Hunt Transport Services’ (JBHT - Free Report) second-quarter 2024 earnings per share of $1.32 missed the Zacks Consensus Estimate of $1.51 and declined 27.1% year over year.
Total operating revenues of $2.93 billion lagged the Zacks Consensus Estimate of $3.04 billion and fell 6.5% year over year. Total operating revenues, excluding fuel surcharge revenues, decreased approximately 6% year over year.
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JetBlue Airways (JBLU) Q2 Earnings & Sales Beat Estimates
JetBlue Airways’ (JBLU - Free Report) second-quarter 2024 earnings (excluding one cent per share from non-recurring items) of 8 cents per share beat the Zacks Consensus Estimate of a loss of 13 cents. In the year-ago quarter, JBLU reported earnings of 45 cents.
Operating revenues of $2.43 billion beat the Zacks Consensus Estimate of $2.39 billion. However, the top line decreased 7% year over year.
Passenger revenues, accounting for the bulk of the top line (93.4%), declined to $2.26 billion from $2.46 billion a year ago. Passenger revenues were hurt due to air traffic control issues in the Northeast. The metric was just ahead of our projection of $2.23 billion. Other revenues rose 9.1% to $163 million, ahead of our estimate of $153.7 million.
JetBlue Airways Corporation Price, Consensus and EPS Surprise
JetBlue Airways Corporation price-consensus-eps-surprise-chart | JetBlue Airways Corporation Quote
Other Q2 Details
All comparisons have been presented on a year-over-year basis unless mentioned otherwise.
Revenue per available seat mile (RASM: a key measure of unit revenues) declined 4.4% to 14.38 cents. Passenger revenue per available seat mile fell 5.4% to 13.41 cents. The average fare at JetBlue decreased 0.5% to $218.27. The yield per passenger mile dipped 4%.
Consolidated traffic (measured in revenue passenger miles) declined 4.1%. Capacity (measured in available seat miles) dropped 2.7%. Consolidated load factor (percentage of seats filled by passengers) contracted 1.3 pts. to 84% as the traffic decline was more than the capacity reduction. The actual value of the load factor was more than our projection of 83%.
Total operating costs (on a reported basis) remained flat at $2.4 billion. Expenses on salaries, wages and benefits increased marginally by 1.6% year over year. The average fuel price per gallon (including related taxes) was $2.87, up 5.1% year over year. JBLU’s operating expenses per available seat mile (CASM) increased 2.6% year over year. Excluding fuel, CASM rose 3.7% to $10.24 cents.
JetBlue exited the quarter with cash and cash equivalents of $1.31 billion compared with $1.16 billion at the end of 2023. The total debt at the end of the June quarter was $5.37 billion compared with $4.72 billion in 2023.
JetBlue currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bleak Outlook
While providing guidance for the third quarter of 2024, management stated that all comparisons had been made with respect to the third-quarter 2023 figures.
Capacity is anticipated to decline in the 3-6% band. CASM, excluding fuel and special items, is predicted to climb 6-8%. Capital expenditures are expected to be roughly $365 million. Total revenues are forecast to tumble in the range of 1.5-5.5%. The average fuel cost per gallon is estimated between $2.82 and $2.97.
For full-year 2024, capacity is envisioned to be down in the 2.5-5% band. CASM, excluding fuel and special items, is predicted to be up in the 6.5-8.5% band. Capital expenditures are expected to be roughly $1.6 billion. Total revenues are forecast to tumble in the range of 4-6%. The average fuel cost per gallon is estimated between $2.80 and $3.
Q2 Performances of Other Transportation Companies
Delta Air Lines’ (DAL - Free Report) second-quarter 2024 earnings (excluding 35 cents from non-recurring items) of $2.36 per share missed the Zacks Consensus Estimate of $2.37 and decreased 12% year over year.
Revenues of $16.7billion surpassed the Zacks Consensus Estimate of $16.3 billion and increased 7% on a year-over-year basis. Passenger revenues, accounting for 83% of the total revenues, improved 5% year over year.
United Airlines (UAL - Free Report) reported second-quarter 2024 earnings (excluding 18 cents from non-recurring items) of $4.14 per share, which surpassed the Zacks Consensus Estimate of $3.97 per share. However, the bottom line decreased 17.69% year over year.
Operating revenues of $15 billion missed the Zacks Consensus Estimate of $15.13 billion. However, the top line increased 5.7% year over year due to upbeat air travel demand. Cargo revenues rose by 14.4% year over year to $414 million. Revenues from other sources jumped 9.6% year over year to $892 million.
J.B. Hunt Transport Services’ (JBHT - Free Report) second-quarter 2024 earnings per share of $1.32 missed the Zacks Consensus Estimate of $1.51 and declined 27.1% year over year.
Total operating revenues of $2.93 billion lagged the Zacks Consensus Estimate of $3.04 billion and fell 6.5% year over year. Total operating revenues, excluding fuel surcharge revenues, decreased approximately 6% year over year.