Jetblue announces third quarter results

Jetblue announces third quarter results

JetBlue Airways has reported its results for the third quarter 2012.

Operating income for the quarter was $113 million, resulting in an 8.6% operating margin, compared to operating income of $108 million and a 9.0% operating margin in the third quarter of 2011.

Pre-tax income of $73 million in the third quarter.  This compares to pre-tax income of $56 million in the third quarter of 2011.
Net income for the third quarter was $45 million, or $0.14 per diluted share.  This compares to JetBlue’s third quarter 2011 net income of $35 million, or $0.11 per diluted share.

“We are very pleased to report our tenth consecutive quarter of profitability, which wouldn’t have been possible without the hard work and dedication of our 14,000 crewmembers,” said Dave Barger, JetBlue’s President and Chief Executive Officer.

“We continue to execute on our profitable growth strategy in Boston and the Caribbean & Latin America, which drove record revenue performance during the third quarter. At the same time, a continued focus on cost control and operational efficiency were critical in delivering these strong results.”

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JetBlue reported record operating revenues in the third quarter of $1.3 billion, an increase of 9.4% versus the same period last year. Revenue passenger miles for the third quarter increased 8.9% to 9.07 billion on a capacity increase of 8.6%, resulting in a third quarter load factor of 84.8%, an increase of 0.3 points year over year.

Yield per passenger mile in the third quarter was 13.15 cents, up 0.8% compared to the third quarter of 2011.  Passenger revenue per available seat mile (PRASM) for the third quarter 2012 increased 1.1% year over year to 11.15 cents and operating revenue per available seat mile (RASM) increased 0.7% year over year to 12.21 cents.

“We are pleased with our performance during the peak summer travel months and with our business-focused markets particularly in Boston,” said Robin Hayes, JetBlue’s Chief Commercial Officer.  “Our crewmembers’ hard work and excellent customer service along with JetBlue’s award-winning product made these results possible.”

Operating expenses for the quarter increased 9.8%, or $108 million, over the prior year period.  JetBlue’s operating expense per available seat mile (CASM) for the third quarter increased 1.1% year-over-year to 11.16 cents.

Excluding fuel, CASM increased 3.7% to 6.67 cents, driven primarily by higher maintenance expense due to the aging of JetBlue’s fleet.