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July 27, 2021, 7:25 a.m. EDT

JetBlue revenue rises 7-fold to beat forecasts as consumer confidence, travel demand improves

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By Tomi Kilgore

JetBlue Airways Corp. /zigman2/quotes/207639051/composite JBLU -2.23% reported Tuesday a narrower-than-expected second-quarter loss and revenue that rose seven-fold from a year ago to beat forecasts as the air carrier saw further month-on-month improvement in travel. The company swung to net income of $64 million, or 20 cents a share, from a loss of $320 million, or $1.18 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 65 cents beat the FactSet loss consensus of 74 cents. Revenue grew 597.7% to $1.50 billion, from $215 million a year ago, and beat the FactSet consensus of $1.44 billion. Load factor improved to 79.2% from 33.8%, topping the FactSet consensus of 75.6%, as traffic increased 1,223.7% to 10.80 billion revenue passenger miles and capacity grew 465.6% to 13.65 billion available seat miles. "In the second quarter, we saw strong signs that consumer confidence and travel demand is returning, with second quarter revenue doubling compared to the first quarter driven by pent-up demand," said Chief Executive Robin Hayes. The stock, which slipped 0.1% in premarket trading, has gained 10.5% year to date through Monday, while the U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS -1.47% has tacked on 5.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.27% has advanced 17.7%.

/zigman2/quotes/207639051/composite
US : U.S.: Nasdaq
$ 14.28
-0.32 -2.23%
Volume: 4.96M
Oct. 27, 2021 3:23p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.64 billion
Rev. per Employee
N/A
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/zigman2/quotes/207744796/composite
US : U.S.: NYSE Arca
$ 22.25
-0.33 -1.47%
Volume: 3.48M
Oct. 27, 2021 3:23p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,562.48
-12.31 -0.27%
Volume: 1.62B
Oct. 27, 2021 3:23p
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