- JetBlue posted a Q3 net loss of $257 million for the three months ended Sept. 30, compared with a loss of $143 million a year earlier.
- The fuel bill rose 61% to $868 million, while average fares rose more than 19% to $245.11 from $205.67.
- Adjusted loss was 60 cents per share versus 55 cents expected; revenue was $2.81 billion versus $2.82 billion expected, per LSEG estimates.
- JetBlue ended Q3 with $2.2 billion in liquidity and total debt of $8.4 billion as of Sept. 30.
- Senior creditors are reportedly working with restructuring adviser PJT Partners, according to a Wall Street Journal report cited by CNBC.
- Shares fell more than 40% in October to a new low before rising roughly 11% in after-hours trading on the earnings release.
- Management holds an earnings call Tuesday at 10 a.m. ET to address questions on long-term health amid sustained losses.
Quotes
“Resilient demand and strong yields drove revenue well ahead of our initial expectations, allowing us to recapture more of the increase in fuel costs than we initially expected”
“Importantly, we believe we have the liquidity and financing options to create a strong bridge to at least $1 EPS and positive free cash flow in 2028”