- JetBlue Airways Corp (NASDAQ:JBLU) reported a first-quarter FY22 adjusted loss per share of $(0.80) compared to adjusted EPS of $0.16 in 1Q19, beating the consensus of $(0.86).
- Capacity declined by 0.3% year over three, compared to its guidance for a 1% decline year over three.
- Operating revenue declined 7.2% compared to 1Q19 and improved 137% year-over-year to $1.74 billion, beating the consensus of $1.72 billion.
- Operating expenses per available seat mile increased 17.5% compared to 1Q19, and Operating expenses per available seat mile, excluding fuel and special items, increased 13.9% year over three.
- Total operating expenses increased by 104.8% Y/Y to $2.1 billion.
- The operating margin recovered to -21.1% from -40.2% in 1Q21.
- Load factor improved to 71% from 63.9% a year ago. The realized fuel price in the quarter was $2.90 per gallon, a 41% increase versus the 1Q19.
- JetBlue expects an average all-in price per gallon of fuel of $3.79 in 2Q22.
- JetBlue's adjusted debt to capital was 54% as of March 31, 2022. The company held ~$2.9 billion in cash and equivalents.
- 2Q22 Outlook: JetBlue expects revenue to increase 11% - 16% year over three. It expects CASM ex-Fuel to grow 15% - 17% year over three. Capacity is expected to increase 0% - 3% year over three.
- "Looking ahead, we are reducing our full-year capacity growth as we work to restore operational reliability and catch up on a backlog of training events, and also as we remain mindful of elevated fuel prices," said CFO Ursula Hurley.
- FY22 Outlook: JetBlue expects capacity growth between 0% and 5% versus 2019
- Price Action: JBLU shares traded lower by 9.23% at $11.86 on the last check Tuesday.
