JetBlue Airways progresses after losses (4Q 2020) below expectations

JetBlue Airways is advancing on Wall Street after revealing a smaller loss than estimated in the fourth quarter. The airline posted a deficit of $ 381 million or $ 1.34 per share over the period against a profit of $ 161 million or 56 cents per share a year earlier. On an adjusted basis, EPS comes out at -1.53 ​​$ against -1.67 $ consensus. Revenue slipped 67.4% to $ 661 million, also above analysts’ expectations ($ 634 million).

Capacity decreased by 47.3% while the load factor fell over one year from 81.9% to 52.4%. The company burned $ 6.7m in cash per day for the quarter, in line with the guidance of $ 6-8m. For the first quarter, the company expects sales to decline 65% to 70%. It had $ 3.1 billion in cash at the end of 2020.

“As the year 2020 progresses, we have significantly reduced our silver consumption and we are starting to focus on rebuilding our margins. We remain cautiously optimistic about improving demand trends. More importantly, this crisis has made us a more agile, more creative and resilient airline, and we believe our initiatives will allow us to come out with structurally better margins, “said Robin Hayes, Managing Director of the carrier.