JetBlue still sees Q4 flown capacity up 1%-4% vs. 3Q19

In a regulatory filing, JetBlue said its operational performance has remained strong with a solid completion factor quarter-to-date, including nearly 100% during the November holiday travel period. The company continues to expect flown capacity for the fourth quarter of 2022 to increase 1% to 4% compared to the third quarter of 2019. Underlying demand trends continue to be strong with healthy load factors and yields above 2019 levels for both trough and peak travel periods. JetBlue also continues to generate strong ancillary revenue performance, with exceptional co-brand performance which continues to reach record levels. However, JetBlue experienced a negative impact from Hurricane Nicole in November, and the expected very strong close-in demand for December reflected in its prior outlook has materialized below expectations. In addition, the adverse impact of the fourth quarter holiday calendar timing this year is greater than previously forecasted. As a result, JetBlue now expects revenue per available seat mile for the fourth quarter of 2022 to be at the low-end of its prior guidance range for a 15% to 19% increase. The company continues to expect CASM Ex-Fuel for the fourth quarter of 2022 to increase between 8.5% and 10.5%, year over three. Based on the forward curve as of December 9, 2022, JetBlue continues to expect an average all-in price per gallon of fuel of $3.65 in the fourth quarter of 2022.