JetBlue reports Q1 EPS (59c), consensus (63c)

Reports Q1 revenue $2.14B, consensus $2.14B. “During the first quarter, we delivered a strong operation and efficiently executed on costs. JetForward is ramping well, and we are focused on successfully managing what we can control,” said Joanna Geraghty, JetBlue’s (JBLU) chief executive officer. “We also acted urgently to manage near-term revenue uncertainty. We were the first carrier to make meaningful capacity adjustments, swiftly moving to better match supply with demand. As we continue to monitor the evolving macro backdrop, we are evaluating all levers available to us to boost profitability and preserve cash, including additional capacity reductions, targeted cost savings, and further evaluation of our fleet retirement schedule. Given the macroeconomic uncertainty, we are not re-affirming our prior full-year guidance. Operational improvements made over the quarter are especially notable, as our investments in reliability, tied to our JetForward strategy, have driven year-over-year improvement in on-time performance over the last three quarters and resulted in significant increases in customer satisfaction and cost savings. From our impressive operation over the quarter to the early success of our products and perks initiatives, such as EvenMore(R) and our premium co-branded card, we are seeing encouraging signs that JetForward is working and that it is the right plan. Thank you to our crewmembers for your commitment to running a safe and reliable operation and to your commitment to the JetForward strategy. Your dedication to offering the caring service JetBlue is known for makes a significant impact on the customer experience and is a core reason new and loyal customers keep coming back to fly JetBlue.”