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Sept. 9, 2021, 7:34 a.m. EDT

JetBlue cuts third-quarter revenue outlook, stock falls

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By Tomi Kilgore

Shares of JetBlue Airways Corp. /zigman2/quotes/207639051/composite JBLU -0.95% shed 0.8% in premarket trading, after the air carrier joined its peers in warning that third-quarter revenue would be weaker than previously expected because of the recent uptick in COVID-19 cases. The company now expects third-quarter revenue to be down 6% to 9% from the same period in pre-pandemic 2019, compared with previous guidance of a decline of 4% to 9%; the current FactSet revenue consensus of $1.90 billion implies a 9.0% drop. The company said the bookings softness it is currently seeing is extending into the fourth quarter, although it expects leisure demand for peak holiday travel "will hold up relatively well." JetBlue also expects third-quarter capacity to be down 1% from the same period in 2019, compared with previous expectations of flat to down 3%. "JetBlue continues to expect a choppy and non-linear demand recovery and may not be able to predict changes to revenue due to additional COVID-19 related disruptions or other factors," the company stated. The stock has slumped 21.9% over the past three months through Wednesday, while the U.S. Global Jets /zigman2/quotes/207744796/composite JETS 0.00% has declined 15.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.18% has gained 7.0%.

/zigman2/quotes/207639051/composite
US : U.S.: Nasdaq
$ 14.60
-0.14 -0.95%
Volume: 8.35M
Oct. 26, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.69 billion
Rev. per Employee
N/A
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/zigman2/quotes/207744796/composite
US : U.S.: NYSE Arca
$ 22.58
0.00 0.00%
Volume: 4.96M
Oct. 26, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,574.79
+8.31 +0.18%
Volume: 2.02B
Oct. 26, 2021 5:01p
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