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JetBlue 2Q2013 profit affected by 'sluggish' economy, 2H2013 to be affected by maintenance costs

31-Jul-2013 2:05 PM

JetBlue revenue up 5% - financial highlights:

  • Three months ended 30-Jun-2013:
    • Total operating revenue: USD1335 million, +4.5% year-on-year;
    • Total operating costs: USD1233 million, +7.5%;
      • Fuel: USD465 million, +3.3%;
      • Labour: USD279 million, +5.5%;
    • Operating profit: USD102 million, -22.0%;
    • Net profit: USD36 million, -30.8%;
    • Passenger numbers: 7.8 million, +5.7%;
    • Load factor: 84.9%, -0.4 ppt;
    • Average fare: USD157.51, -1.3%;
    • Yield: USD 13.40 cents, -2.8%;
    • Passenger revenue per ASM: USD 11.37 cents, -3.3%;
    • Operating revenue per ASM: USD 12.42 cents, -3.1%;
    • Operating cost per ASM: USD 11.48 cents, -0.3%;
    • Operating cost per ASM excl fuel: USD 7.15 cents, +2.2%;
    • Average stage length: 1088 miles, +0.7%;
  • Six months ended 30-Jun-2013:
    • Total operating revenue: USD2634 million, +6.2%;
    • Total operating costs: USD2473 million, +9.3%;
      • Fuel: USD932 million, +5.6%;
      • Labour: USD559 million, +7.5%;
    • Operating profit: USD161 million, -26.6%;
    • Net profit: USD50 million, -39.0%;
    • Passenger numbers: 15.1 million, +6.1%;
    • Load factor: 84.4%, +0.3 ppt;
    • Average fare: USD159.95, +0.1%;
    • Yield: USD 13.66 cents, -1.1%;
    • Passenger revenue per ASM: USD 11.53 cents, -0.8%;
    • Operating revenue per ASM: USD 12.61 cents, -0.9%;
    • Operating cost per ASM: USD 11.84 cents, +2.1%;
    • Cost per ASM excl fuel: USD 7.38 cents, +4.4%;
    • Average stage length: 1090 miles, +1.0%;
    • Total assets: USD7368 million;
    • Cash and cash equivalents: USD333 million;
    • Total debt: USD2820 million;
  • 3Q2013 forecast:
    • Capacity (ASM): +3.5% to +5.5%;
    • Cost per ASM: +1.0% to +3.0%;
    • Cost per ASM excl fuel and profit sharing: +3.0% to +5.0%;
  • FY2013 forecast:
    • Capacity: +5.5% to 7.5%;
    • Cost per ASM: +0.5% to +2.5%;
    • Cost per ASM excl fuel and profit sharing: +2.5% to +4.5%. [more - original PR]

JetBlue Airways: "Today, we reported our thirteenth consecutive quarter of profitability. Although second quarter results were negatively impacted by a sluggish economic environment and continued maintenance cost pressures, our crew members remained focused on running a safe, reliable airline and delivering excellent service to our customers. We believe we are well positioned to expand margins in the second half of the year as we expect maintenance cost pressures to lessen and unit revenue performance to improve," Dave Barger, President and CEO. Source: Company statement, 30-Jul-2013.