Market News

JetBlue Fails to Drive Away Blues As Q3 Earnings Miss Estimates

JetBlue Airways Corp (NASDAQ: JBLU) announced Q3 results with revenues of $2.56 billion, up by around 30% year-over-year, beating Street estimates by $10 million.

Adjusted earnings came in at $0.21 per diluted share for the low-cost airliner versus $0.59 in the same period in 2019 but fell short of analysts’ estimates of $0.24.

Robin Hayes, JetBlue’s CEO commented, “For the third quarter, we reached an important milestone in our recovery as we generated our first quarterly adjusted profit since the start of the pandemic.”

Hayes added, “Looking ahead, we expect our profitability to carry through to another solid quarter of mid-single-digit pre-tax margins in the fourth quarter, and we’ll look to expand on that further in 2023 as we continue to restore our earnings power.”

Last week, shareholders of Spirit Airlines (NYSE:SAVE) also gave an overwhelming nod to its merger with JetBlue.

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