US low-fare carrier JetBlue Airways Corporation has announced positive revenue results for the third quarter of 2024, exceeding expectations and putting it on course for achieving full-year targets.
Joanna Geraghty, JetBlue’s Chief Executive Officer, attributed the company’s strong performance to the dedication of its staff and the successful implementation of its JetForward strategy, which aims to enhance operational reliability, expand the carrier’s leisure network and offer added-value products and incentives.
“Thanks to our crewmembers’ efforts and our improved operational performance in the third quarter, we saw a double-digit increase in customer satisfaction year-over-year. I am proud to lead this incredible team, particularly as they continue to deliver the JetBlue experience in the face of operational challenges like Hurricanes Helene and Milton,” she said.
Marty St. George, JetBlue’s President, pointed to the positive year-on-year unit revenue performance, driven by strategic capacity adjustments that aligned supply with demand during off-peak periods.
“Our number one goal remains returning to operating profitability, and growing our unit revenue is imperative to reach operating profitability. As we look to 2025, I am encouraged by the backdrop for our revenue performance to continue improving, particularly as additional JetForward initiatives begin yielding benefits,” he said.
Ursula Hurley, JetBlue’s Chief Financial Officer, highlighted the five-point improvement in operating margin compared to July expectations, mainly due to improved revenue and operational performance and lower fuel expenses.
“To help support our runway to execute on our JetForward strategy, we’ve also taken steps to bolster our liquidity position through strategic financing efforts. As I look to next year, I remain confident we have the right foundation to begin delivering results on our $800 – $900 million EBIT target,” she said.
To cater to the growing premium travel demand, JetBlue revealed plans to improve its Even More Space extra-legroom seat offering. The enhanced offering, rebranded as EvenMore®, will feature improved merchandising and increased visibility, aiming to strengthen the airline’s position in the premium leisure segment.
From mid-November, Even More Space will be directly offered to customers on the flight search results page of JetBlue’s website. EvenMore® will officially launch in 2025, incorporating new benefits and amenities along with the existing extra legroom. JetBlue plans to announce the new amenities early next year.
Key financial highlights for the third quarter of 2024 include:
- Net loss under GAAP of $60 million, or $0.17 loss per share.
- Adjusted net loss of $54 million, or $0.16 loss per share.
- Operating revenue increased by 0.5% year-over-year, reaching $2.4 billion.
- Operating expenses decreased by 4.2% year-over-year to $2.4 billion.
- Year-over-year unit revenue increased by 4.3%, driven by healthy demand during peak periods, improved close-in bookings, competitive capacity moderation in the Latin region, and self-help capacity measures.
An Airbus A321neo in JetBlue Mint livery.
