• JetBlue Airways Airbus A321-200
    JetBlue
    IATA/ICAO Code:
    B6/JBA
    Hub(s):
    Boston Logan International Airport, Los Angeles International Airport, New York JFK Airport, Orlando International Airport
    Year Founded:
    2000
    CEO:
    Robin Hayes
    Country:
    United States

JetBlue had a revenue of over $1.7 billion during the first quarter of 2022, declining 7.2% compared to 2019. Nonetheless, revenue performed better than expected during the quarter, increasing by approximately six percentage points ahead of forecasts.

JetBlue’s results in the first quarter

American hybrid carrier JetBlue racked up a total operating revenue of US$1.7 billion, increasing by 137% compared to 2021.

The all-Airbus airline also had US$2.1 billion in expenses, leading to an operating loss of US$367 million in the quarter, according to the financial statements released today by the company. The carrier, based in New York JFK Airport, had a net loss of US$255 million.

“Our first quarter results were characterized by a very strong demand acceleration, with revenue coming in more than six points ahead of our initial view in January. We delivered positive year-over-three revenue growth in the month of March as we exited the quarter with tremendous revenue momentum driven by very strong underlying travel demand across all of our core segments,” said Robin Hayes, JetBlue’s Chief Executive Officer.

JetBlue carried 8.1 million passengers during the quarter, an 80% recovery compared to 2019, when the airline handled 10.1 million travelers. Compared to pre-pandemic levels, the airline’s load factor continues to perform poorly; it averaged 71% (in 2019, it was 82.5%).

JetBlue had 78,393 departures and 282 active aircraft during the quarter, on average.

JetBlue Airways Airbus A321-231 N978JB
JetBlue is renewing its fleet with a heavy reliance on Airbus A321neos. Photo: Vincenzo Pace | Simple Flying

What’s next for the airline?

This year is proving to be the comeback for the airline industry worldwide, as governments ease travel restrictions and demand comes back strongly. Airlines believe they have reached a turning point and expect healthy profits in their future. Nonetheless, they face staffing shortages, rising fuel prices (up 41% versus 2019), severe weather, and air traffic control challenges.

JetBlue is reducing its capacity for the coming months “as we plan more conservatively for the summer and make investments to de-risk the operation,” added Hayes. The carrier has canceled or suspended more than 35 routes in the last couple of months.

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These actions are aimed at creating more resiliency in the airline’s operation. For the full year of 2022, JetBlue plans to grow capacity between 0% and 5% versus 2019. For the second quarter, the airline expects capacity to increase in a range between 0% and 3% and revenue to increase up to 16% compared to 2019.

Joanna Geraghty, JetBlue’s President and Chief Operating Officer, added,

“And despite the meaningful impact to the quarter and the year, we expect to generate our best quarterly revenue result in the second quarter and are positioned to accelerate this momentum through the summer.”

JetBlue Airways Airbus A321-271NX N2038J (2)
JetBlue might be keen to throw more money into the deal as additional sweeteners. Photo: Vincenzo Pace | Simple Flying

Launching new routes and strengthening in New York

During the first quarter, JetBlue launched three routes to new destinations. These destinations are Puerto Vallarta (Mexico), Kansas City, and Milwaukee. Later in the year, the airline plans to launch service to Vancouver (Canada) and Asheville.

JetBlue plans to operate almost 300 daily departures from New York City airports. The airline is leveraging its growth via its Northeast Alliance with American Airlines. In 2019, JetBlue had approximately 200 flights a day from New York.

Nonetheless, JetBlue has trimmed some of its growth at Newark to ease congestion and ensure the terminal facilities can accommodate its schedule until construction is completed on the new Terminal A.

What do you think about JetBlue’s first-quarter results? Let us know in the comments.