JetBlue stock falls as airline lowers 2024 earnings outlook
Silhouettes of passengers in front of a JetBlue Airbus A321neo aircraft spotted on the apron tarmac moored on the jetliner bridge from the terminal at Amsterdam Schiphol International Airport AMS EHAM in the Netherlands.
Nicholas Economou | Nurfoto | Getty Images
jet blue airlines Shares fell more than 10% in premarket trading Tuesday after the company cut its 2024 revenue forecast, a setback in its bid to return to profitability.
The airline said second-quarter revenue would likely fall by up to 10.5% from a year earlier, more than double the decline expected by analysts surveyed by LSEG. JetBlue Co. of New York expects full-year sales to fall in the low single digits, also below Wall Street expectations, after estimating flat annual sales in a January report. .
JetBlue is working to reduce costs. Weeding out unprofitable routes, we will focus on seats with stable demand and high sales of premium seats.Last month's carrier canceled the merger agreement For low-cost airlines spirit airlines after a judge blocked that $3.8 billion deal on antitrust grounds.
In Tuesday's outlook update, JetBlue and delta and united, Expected profitsolid earnings and Record demand this summer.
“Looking at the whole year, my Latin proficiency has improved significantly. [America] “This region, which is a large part of JetBlue's network, is likely to continue to weigh on revenue, and we expect it to be below our full-year forecast,” said Joanna Geraghty. Appointed CEO in FebruarySaid In the earnings release. “We have full confidence that continuing to act on a refocused, standalone strategy is the right path to ultimately return to profitability.”
JetBlue has been affected by Pratt & Whitney's engine recall, and some of its aircraft have been grounded. In an investor presentation on Tuesday, the airline said it was “actively considering” further cost reductions.
JetBlue announced earlier this year that it would do so. Defer $2.5 billion in aircraft spending Until the end of the year.
In the first three months of this year, JetBlue lost $716 million, or $2.11 per share. By comparison, in the same period in 2023, he lost $192 million, or 58 cents per share.
Adjusted for one-time items, JetBlue's loss was $145 million, or 43 cents a share, narrower than the adjusted loss of 52 cents expected by analysts surveyed by LSEG.
Sales decreased 5.1% from the previous year to $2.21 billion, in line with LSEG's sales forecast.
Summarize this content to 100 words Silhouettes of passengers in front of a JetBlue Airbus A321neo aircraft spotted on the apron tarmac moored on the jetliner bridge from the terminal at Amsterdam Schiphol International Airport AMS EHAM in the Netherlands. Nicholas Economou | Nurfoto | Getty Imagesjet blue airlines Shares fell more than 10% in premarket trading Tuesday after the company cut its 2024 revenue forecast, a setback in its bid to return to profitability.The airline said second-quarter revenue would likely fall by up to 10.5% from a year earlier, more than double the decline expected by analysts surveyed by LSEG. JetBlue Co. of New York expects full-year sales to fall in the low single digits, also below Wall Street expectations, after estimating flat annual sales in a January report. .JetBlue is working to reduce costs. Weeding out unprofitable routes, we will focus on seats with stable demand and high sales of premium seats.Last month's carrier canceled the merger agreement For low-cost airlines spirit airlines after a judge blocked that $3.8 billion deal on antitrust grounds.In Tuesday's outlook update, JetBlue and delta and united, Expected profitsolid earnings and Record demand this summer.“Looking at the whole year, my Latin proficiency has improved significantly. [America] “This region, which is a large part of JetBlue's network, is likely to continue to weigh on revenue, and we expect it to be below our full-year forecast,” said Joanna Geraghty. Appointed CEO in FebruarySaid In the earnings release. “We have full confidence that continuing to act on a refocused, standalone strategy is the right path to ultimately return to profitability.”JetBlue has been affected by Pratt & Whitney's engine recall, and some of its aircraft have been grounded. In an investor presentation on Tuesday, the airline said it was “actively considering” further cost reductions.JetBlue announced earlier this year that it would do so. Defer $2.5 billion in aircraft spending Until the end of the year.In the first three months of this year, JetBlue lost $716 million, or $2.11 per share. By comparison, in the same period in 2023, he lost $192 million, or 58 cents per share.Adjusted for one-time items, JetBlue's loss was $145 million, or 43 cents a share, narrower than the adjusted loss of 52 cents expected by analysts surveyed by LSEG.Sales decreased 5.1% from the previous year to $2.21 billion, in line with LSEG's sales forecast.Don't miss exclusive information on CNBC PRO
https://www.cnbc.com/2024/04/23/jetblue-jblu-lowers-2024-revenue-outlook.html JetBlue stock falls as airline lowers 2024 earnings outlook
