JetBlue reports better-than-expected Q3 results, narrows 2024 forecast; stock down

Investing.com — JetBlue Airways (NASDAQ:JBLU) reported better-than-expected results for the third quarter, but its shares fell more than 4% in Tuesday’s premarket trade.

For the fiscal Q3 2024, JetBlue posted a loss per share of $0.16, better than the loss per share of $0.22 that analysts expected.

Quarterly revenue came in at $2.37 billion, slightly ahead of the consensus estimate of $2.35 billion.

Passenger operating revenue totaled $2.2 billion, just above the anticipated $2.19 billion.

Available seat miles for the period stood at 16.74 billion, compared to the consensus estimate of 16.67 billion.

Looking forward, JetBlue has narrowed its revenue forecast for the full year, now expecting a decline of 4% to 5%, compared to its previous outlook of a 4% to 6% drop.

It also adjusted its forecast for available seat miles, now anticipating a decline of 2.5% to 4.5%, compared to the prior range of 2.5% to 5%.

“We met or exceeded all of our financial targets for the third quarter and progressed on the implementation of our JetForward strategy, sustaining the momentum we established in the second quarter,” said Joanna Geraghty, CEO of JetBlue.

“Thanks to our crewmembers’ efforts and our improved operational performance in the third quarter, we saw a double digit increase in customer satisfaction year-over-year.”