JetBlue Airways Corporation JBLU reported a fourth-quarter 2024 loss (excluding 8 cents from non-recurring items) of 21 cents per share, narrower than the Zacks Consensus Estimate of a loss of 30 cents. Lower operating costs aided the bottom line. In the year-ago quarter, JBLU reported a loss of 19 cents per share.

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Operating revenues of $2.28 billion beat the Zacks Consensus Estimate of $2.26 billion but decreased 2.1% year over year. Passenger revenues, accounting for the bulk of the top line (92.1%), declined 3.1% year over year to $2.1 billion. The figure was in line with our estimate. Other revenues rose 11.5% year over year to $177 million, shy of our estimate of $181 million.

JetBlue Airways Corporation Price, Consensus and EPS Surprise

JetBlue Airways Corporation price-consensus-eps-surprise-chart | JetBlue Airways Corporation Quote

Other Details of JBLU’s Q4 Earnings

Revenue per available seat mile (RASM: a key measure of unit revenues) increased 3.2% year over year to 14.11 cents. Passenger revenue per available seat mile grew 2.2% year over year to 13.01 cents. The average fare at JetBlue inched down 0.3% year over year to $211.18. The yield per passenger mile rose 1.9% year over year.

Consolidated traffic (measured in revenue passenger miles) declined 2.6% year over year. Capacity (measured in available seat miles) dropped 5.1% year over year. Consolidated load factor (percentage of seats filled by passengers) improved 2.1 percentage points to 82.2% as the traffic decline was less than the capacity reduction. Our estimate for load factor is pegged at 80.6%.

Total operating costs (on a reported basis) declined 5.5% year over year to $2.26 billion. Expenses on salaries, wages and benefits increased 10.3% year over year. Expenses on aircraft fuel declined 27.3% year over year.

The average fuel price per gallon (including related taxes) was $2.47, down 22.3% year over year. JBLU’s operating expenses per available seat mile (CASM) decreased 0.4% year over year. Excluding fuel, CASM rose 11% to 10.76 cents.

JBLU’s Outlook

For first-quarter 2025, capacity is anticipated to decline in the 2-5% band. CASM, excluding fuel and special items, is predicted to climb 8-10%. Capital expenditures are expected to be roughly $270 million.  RASM is forecasted to either decline 0.5% or increase 3.5% from first-quarter 2024 actuals. The average fuel cost per gallon is estimated to be between $2.65 and $2.8.

For 2025, capacity is envisioned to be flat year over year. CASM, excluding fuel and special items, is predicted to be up in the 5-7% range. RASM is expected to increase in the 3-6% band. Adjusted operating margin is expected in the 0-1% band. Capital expenditures are expected to be roughly $1.4 billion.