JetBlue Announces 10.3 Percent Operating Margin for Third Quarter 2007


23 Okt 2007 [13:53h]     Bookmark and Share


  • Urlaub.digital

JetBlue Airways Corporation (Nasdaq:JBLU) today reported its results for the third quarter 2007

NEW YORK — 

 * Operating revenues for the quarter totaled $765 million,
   representing growth of 21.9% over operating revenues of $628
   million in the third quarter of 2006.

 * Operating income for the quarter was $79 million, resulting in a
   10.3% operating margin, compared to operating income of $41 million
   and a 6.6% operating margin in the third quarter of 2006.

 * Pre-tax income for the quarter was $46 million, resulting in a 6.0%
   pre-tax margin, compared with pre-tax income of $1 million and a
   0.2% pre-tax margin in the year-ago period.

 * Net income for the quarter was $23 million, representing earnings
   of $0.12 per diluted share, compared with third quarter 2006 net
   loss of $0.5 million, or $0.00 per diluted share.

„We are very pleased with our strong performance this quarter,“ said Dave Barger, JetBlue’s CEO. „Thanks to the dedication of our crewmembers, we continued to drive revenue growth, productivity improvements and cost discipline. Our crewmembers are the reason Conde Nast Traveler readers recently named JetBlue best domestic airline for the sixth straight year.“

During the third quarter, JetBlue achieved a completion factor of 98.9% of scheduled flights, compared to 99.6% in 2006. On-time performance, defined by the U.S. Department of Transportation as arrivals within 14 minutes of schedule, was 73.7% in the third quarter compared to 74.6% in the same period in 2006. JetBlue attained a load factor in the third quarter of 2007 of 82.0%, an increase of 1.6 points on a capacity increase of 10.9% over the third quarter of 2006.

„JetBlue’s crewmembers continue to deliver exceptional customer service, despite the operational challenges we continue to face in the Northeast,“ said Russ Chew, JetBlue’s President and COO. „We are very proud of the efforts our crewmembers made this quarter.“

JetBlue to Discontinue Operations in Columbus and Nashville

JetBlue announced today it will discontinue operations in Columbus, OH and Nashville, TN, effective January 6, 2008.

„We are taking the difficult but necessary step to discontinue operations in these two markets,“ Mr. Barger said. „After more than 12 months of service and a detailed review of traffic and revenue trends in these two cities, we have decided to redeploy our assets.“

Financial Performance

For the third quarter, revenue passenger miles increased 13.0% from the third quarter of 2006 to 6.8 billion. Yield per passenger mile in the third quarter was 10.40 cents, up 7.0% compared to the third quarter of 2006. Passenger revenue per available seat mile (PRASM) increased 9.1% year-over-year to 8.52 cents. Available seat miles grew 10.9% year-over-year to 8.4 billion. Operating expenses for the third quarter were $686 million, up 17.0% from the third quarter of 2006. Operating expense per ASM (CASM) for the third quarter 2007 increased 5.5% year-over-year to 8.22 cents. During the quarter, realized fuel price was $2.13 per gallon, a 0.6% increase over third quarter 2006 realized fuel price of $2.12 per gallon. Excluding fuel, CASM increased 5.3% year-over-year. Average stage length during the third quarter was 1,161 miles, down 1.7% from a year ago. JetBlue ended the quarter with $844 million in cash and investment securities.

Fourth Quarter and Full Year Outlook

Looking ahead, for the fourth quarter of 2007, JetBlue expects to report an operating margin between three and five percent based on an assumed aircraft fuel cost per gallon of $2.23, net of hedges. Pre-tax margin for the quarter is expected to be between negative one and one percent. CASM is expected to increase between 11 and 13 percent over the year-ago period. Excluding fuel, CASM in the fourth quarter is expected to increase between six and eight percent year over year. Capacity is expected to increase between 10 and 12 percent in the fourth quarter and stage length is expected to increase roughly four percent over the same period last year.

For the full year 2007, JetBlue expects to report an operating margin between five and seven percent based on an assumed aircraft fuel cost per gallon of $2.07, net of hedges. Pre-tax margin for the full year is expected to be between one and three percent. CASM for the full year is expected to increase between six and eight percent over full year 2006. Excluding fuel, CASM in 2007 is expected to increase between five and seven percent year over year. Capacity for the full year 2007 is expected to increase between 11 and 13 percent over 2006 and stage length is expected to decrease roughly five percent over full year 2006.

JetBlue will conduct a conference call to discuss its quarterly earnings today, October 23, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will be available via the internet at http://investor.jetblue.com.

New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers the most legroom throughout coach (based on average fleet-wide seat pitch for U.S. airlines). JetBlue is also America’s first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue’s control. Visit www.jetblue.com/promise for details. JetBlue serves 53 cities with up to 525 daily flights. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and an overnight stay is never required. For information or reservations call 1-800-JETBLUE (1-800-538-2583) or visit www.jetblue.com.

The JetBlue logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=795

DIRECTV(r) service is not available on flights outside the continental United States; however, where applicable, FOX InFlight(tm) is offered complimentary on these routes. FOX InFlight(tm) is a trademark of Twentieth Century Fox Film Corporation. JetBlue’s in-flight entertainment is powered by LiveTV, a wholly owned subsidiary of JetBlue.

This press release contains statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; increases in fuel prices, maintenance costs and interest rates; our ability to implement our growth strategy, including the ability to operate reliably the EMBRAER 190 aircraft; our significant fixed obligations; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market and the effect of increased congestion in this market; our reliance on automated systems and technology; our being subject to potential unionization; our reliance on a limited number of suppliers; changes in or additional government regulation; changes in our industry due to other airlines‘ financial condition; and external geopolitical events and conditions. Further information concerning these and other factors is contained in the Company’s Securities and Exchange Commission filings, including but not limited to, the Company’s 2006 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

                       JETBLUE AIRWAYS CORPORATION
                 CONSOLIDATED STATEMENTS OF OPERATIONS
            (in millions, except share and per share amounts)
                              (unaudited)

            Three Months Ended           Nine Months Ended
               September 30,               September 30,
             -----------------  Percent  -----------------  Percent
               2007     2006    Change     2007     2006    Change
             -------- --------  -------  -------- --------  -------

 OPERATING
  REVENUES
  Passenger  $    712 $    589    20.9   $  1,959 $  1,631   20.1
  Other            53       39    36.1        144       99   46.2
             -------- --------           -------- --------
   Total
    operating
    revenues      765      628    21.9      2,103    1,730   21.6

 OPERATING
  EXPENSES
  Salaries,
   wages
   and
   benefits       159      140    14.2        481      406   18.6
  Aircraft
   fuel           249      212    17.4        665      564   17.8
  Landing
   fees
   and other
   rents           44       42     7.0        136      117   16.9
  Depreciation
   and
   amortization    44       39    14.4        129      110   17.4
  Aircraft
   rent            32       27    15.1         92       74   23.8
  Sales and
   marketing       32       27    19.3         92       77   19.1
  Maintenance
   materials
   and
   repairs         25       23     8.2         78       67   16.6
  Other
   operating
   expenses       101       77    29.9        291      252   15.4
             -------- --------           -------- --------
   Total
    operating
    expenses      686      587    17.0      1,964    1,667   17.8
             -------- --------           -------- --------
 OPERATING
  INCOME           79       41    91.4        139       63  121.3

  Operating
   margin        10.3%     6.6%    3.7 pts.   6.6%     3.6%   3.0 pts.

 OTHER INCOME
  (EXPENSE)
  Interest
   expense        (58)     (45)   29.2       (166)    (124)  33.4
  Capitalized
   interest        11        7    58.9         30       19   54.7
  Interest
   income and
   other           14       (2) (737.8)        41       21   95.3
             -------- --------           -------- --------
   Total other
    income
    (expense)     (33)     (40)  (17.4)       (95)     (84)  12.9
             -------- --------           -------- --------
 INCOME (LOSS)
  BEFORE
  INCOME
  TAXES            46        1                44      (21)

  Pre-tax margin  6.0%     0.2%    5.8 pts.   2.1%    (1.2)%  3.3 pts.

  Income tax
   expense
   (benefit)       23        1                22       (3)
             -------- --------          -------- --------
 NET INCOME
  (LOSS)     $     23 $     --          $     22 $    (18)
             ======== ========          ======== ========
 EARNINGS
  (LOSS)
  PER COMMON
  SHARE:
  Basic      $   0.13 $  (0.00)         $   0.12 $  (0.11)
             ======== ========          ======== ========
  Diluted    $   0.12 $  (0.00)         $   0.12 $  (0.11)
             ======== ========          ======== ========
  Weighted
   average
   shares
   outstanding
   (thousands):
   Basic      180,154  175,569           179,298  174,538
   Diluted    198,776  175,569           184,103  174,538

                           JETBLUE AIRWAYS CORPORATION

 COMPARATIVE OPERATING STATISTICS

             Three Months Ended          Nine Months Ended
                September 30,               September 30,
               --------------- Percent    --------------- Percent
                 2007   2006   Change       2007    2006  Change
               ------- ------- ------     ------- ------- ------
 Revenue
  passengers
  (thousands)    5,528   4,773  15.8       16,206  13,633  18.9
 Revenue
  passenger
  miles
  (millions)     6,848   6,062  13.0       19,526  17,522  11.4
 Available
  seat miles
  (ASMs)
  (millions)     8,355   7,537  10.9       23,791  21,316  11.6
 Load
  factor          82.0%   80.4%  1.6 pts.    82.1%   82.2% (0.1) pts.
 Breakeven
  load
  factor (a)      78.0%   79.7% (1.7) pts.   81.5%   83.3% (1.8) pts.
 Aircraft
  utilization
  (hours per
  day)            13.0    12.7   1.7         12.9    12.9   0.7

 Average
  fare         $128.83 $123.41   4.4      $120.87 $119.63   1.0
 Yield per
  passenger
  mile
  (cents)        10.40    9.72   7.0        10.03    9.31   7.8
 Passenger
  revenue
  per ASM
  (cents)         8.52    7.82   9.1         8.23    7.65   7.6
 Operating
  revenue
  per ASM
  (cents)         9.16    8.33   9.9         8.84    8.11   8.9
 Operating
  expense
  per ASM
  (cents)         8.22    7.79   5.5         8.26    7.82   5.6
 Operating
  expense
  per ASM,
  excluding
  fuel
  (cents)         5.24    4.98   5.3         5.46    5.17   5.6
 Airline
  operating
  expense
  per ASM
  (cents) (a)     8.11    7.74   4.7         8.17    7.76   5.4

 Departures     50,233  42,311  18.7      146,320 114,416  27.9
 Average
  stage
  length
  (miles)        1,161   1,181  (1.7)       1,128   1,224  (7.9)
 Average
  number of
  operating
  aircraft
  during
  period         130.7   112.0  16.7        126.3   103.4  22.2
 Average
  fuel cost
  per gallon   $  2.13 $  2.12   0.6      $  2.01 $  2.02  (0.5)
 Fuel
  gallons
  consumed
  (millions)       117     100  16.8          331     279  18.4
 Percent of
  sales
  through
  jetblue.com
  during
  period          74.5%   78.7% (4.2) pts.   75.0%   80.1% (5.1) pts.
 Full-time
  equivalent
  employees
  at period
  end (a)                                   9,301   9,223   0.8

 (a) Excludes operating expenses and employees of LiveTV, LLC, which
     are unrelated to our airline operations.


 SELECTED CONSOLIDATED BALANCE SHEET DATA
  (in millions)

                                         September 30,  December 31,
                                             2007          2006
                                         ------------- -------------

 Cash, cash equivalents and investment
  securities                             $         844 $         699
 Total assets                                    5,461         4,843
 Total debt                                      3,017         2,840
 Stockholders' equity                            1,024           952

  • Palma.guide

Adresse
JetBlue Airways Corporation
Investor Relations
(718) 709-2202
Corporate Communications
(718) 709-3089

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