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Increase in fuel costs and slowing economy pushes JetBlue to a “disappointing” net loss in 4Q08

4-Feb-2009

JetBlue reported a pre-tax loss of USD49 million in the three months ended 31-Dec-08 (4Q08), slipping from the USD3 million pre-tax profit reported in the previous corresponding period. The loss included a special non-cash charge of USD53 million related to the valuation of JetBlue's auction rate securities. Excluding this special charge, JetBlue reported pre-tax income for the quarter of USD4 million, an improvement from a USD3 million loss in 4Q07. [1672 words]

Unlock the following content in this report:

Subheadings:

  • Gap between load factor and break-even load factor maintained in 4Q08
  • Reports loss on fuel hedging in 4Q08; modifies fuel hedging portfolio
  • Significant increase in cash position over past 12 months
  • Shrinking for first time in its history in 2009
  • ... but Caribbean/Latin America growth to continue despite capacity reductions
  • Challenging times ahead, but focused on survival strategy

Graphs and data:

  • JetBlue financial highlights for three months ended 31-Dec-08
  • JetBlue quarterly operating margin: 1Q06 to 4Q08
  • JetBlue load factor and break-even load factor: 1Q07 to 4Q08
  • US LCC non-fuel unit costs: 4Q08
  • Aircraft fuel as a percentage of total operating expenses: 4Q03 to 4Q08
  • US carrier's losses/gains from 4Q08 fuel hedging
  • JetBlue Airways fuel cost per gallon (USD): Feb-00 to Sep-08
  • 1Q09 and FY09 outlook: Dec-08
  • JetBlue Airways capacity growth (ASK) growth: Jan-04 to Nov-08
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