JetBlue Airways outlines goals for recovery, aims to repair balance sheet 'over the coming years'

JetBlue Airways announced (27-Oct-2020) the following goals to setting the foundation for its recovery:

• Rebuilding customer confidence:
  • Creating Safety from the Ground Up programme;
  • Partnering with authorities to establish public health policies;
  • Focusing on testing and health measures;
• Strengthen network:
  • Launch 60+ routes for cash generation;
  • Allow schedule flexibility in response to demand changes;
  • Focus on city reinforcement, with growth in New York Newark and move to Los Angeles;
• Revenue initiatives:
  • Upgrade revenue management optimisation system;
  • Adjust seat capping approach;
  • Provide JetBlue Travel Products subsidiary offerings for leisure travel;
• Reshaping cost structure:
  • Realign cost structure with lower capacity and revenue;
  • Permanently reduce fixed costs;
  • Improve structural margins in line with revenue recovery;
• Invest in aircraft:
  • Replace Embraer E190 fleet with A220s;
  • Network plan growth with A321s;
  • Balance capital deployment with debt repayments.

JetBlue Airways CEO Robin Hayes stated: "In the near term, we continue to manage our daily flying and take tactical actions to ensure we generate cash as demand recovers. We are also executing revenue and cost initiatives, redeploying our aircraft to new, cash accretive markets, and setting JetBlue up for a strong rebound. Naturally, we aim to be free cash flow positive, with the goal of repairing our balance sheet over the coming years". [more - original PR]