JetBlue Airways Corporation (NASDAQ: JBLU) released its financial results for the first quarter of 2024. The company reported a net loss of $716 million, or $2.11 loss per share, under Generally Accepted Accounting Principles (GAAP). Excluding special items, the adjusted net loss for the first quarter of 2024 was $145 million, or $0.43 loss per share.
The first quarter of 2024 saw a 2.7% year-over-year decrease in capacity, with operating revenue of $2.2 billion, down 5.1% year-over-year. Operating expense for the same period increased by 14.0% year-over-year to $2.9 billion. However, operating expense, excluding special items, decreased by 3.7% year-over-year to $2.4 billion.
The operating expense per available seat mile (CASM) for the first quarter of 2024 increased by 17.1% year-over-year, while the CASM excluding fuel and other non-airline operating expenses increased by 7.1% year-over-year. The average fuel price in the first quarter of 2024 was $2.97 per gallon.
JetBlue's balance sheet showed that it ended the first quarter with $1.7 billion in unrestricted cash, cash equivalents, short-term investments, and long-term marketable securities, excluding a $600 million undrawn revolving credit facility.
Looking ahead, JetBlue provided an outlook for the second quarter and full year of 2024. The estimated available seat miles (ASMs) year-over-year are expected to be down low single digits. Revenue year-over-year is estimated to be down low single digits, and CASM ex-fuel year-over-year is projected to be up mid-to-high single digits. The fuel price per gallon is estimated to be between $2.98 and $3.13.
JetBlue also highlighted various accomplishments during the first quarter, including implementing strategic network changes, cost initiatives, and providing exceptional service for its customers. The company noted that it has made progress on extending its A320 aircraft and has achieved significant cost savings through various initiatives.
In light of the first quarter results, the company remains focused on executing its refocused standalone strategy to ultimately return to profitability. JetBlue emphasized its commitment to winning high-margin core geographies and is looking forward to launching additional revenue initiatives to support its performance in the second half of the year. As a result of these announcements, the company's shares have moved -19.2% on the market, and are now trading at a price of $6.07. Check out the company's full 8-K submission here.
