DALLAS — JetBlue Airways (B6) today reported its financial results for the fourth quarter of 2023, closing the year on a strong note.
The carrier reported a US$104 million net loss for the fourth quarter of 2023, or US$0.31 per share, under Generally Accepted Accounting Principles (GAAP). The adjusted net loss for the fourth quarter of 2023, excluding extraordinary items, was US$63 million, or US$0.19 per share. Capacity rose 3.3% in Q423 compared to the previous year, while operating revenue was US$2.3 billion, a 3.7% decrease from the previous year.
For the fourth quarter of 2023, operating expenses per available seat mile (CASM) fell 2.4% compared to the same period the previous year, and operating expenses per available seat mile grew 7.6% year over year, excluding fuel and related taxes, other non-airline operating expenses, and exceptional factors (referred to as “CASM ex-Fuel”). Finally, the average fuel price, including hedges, was US$3.08 per gallon in Q423.
JetBlue CEO Robin Hayes said, “We closed the year on a strong note thanks to the hard work and continued execution of our team as fourth-quarter revenue and costs beat our expectations. Looking ahead, I am confident that the next chapter of JetBlue, under Joanna’s leadership, will deliver a refreshed focus on our core customer, expanded opportunities for our crewmembers, and a return to JetBlue’s historical earnings power for our shareholders.”
Q423 Result Highlights
Q42023 highlights include the airline achieving US$70 million in cost savings under its structural cost program in 2023, keeping itself on track to deliver run-rate savings of US$175 million to US$200 million by the end of 2024. The airline also realized US$55 million in cumulative cost savings from its fleet modernization program, which is expected to deliver US$75 million in cost savings through 2024 as B6 replaces the…
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