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Last10K.com | 10-Q Quarterly Report Fri Oct 26 2018
JETBLUE ANNOUNCES THIRD QUARTER 2018 RESULTS
NEW YORK (October 23, 2018) -- JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the third quarter 2018:
• | Reported diluted earnings per share of $0.16, inclusive of $112 million in one-time costs related to the E190 fleet transition and the recently-signed pilot contract. Excluding these costs, adjusted diluted earnings per share of $0.43(1). This compares to JetBlue’s third quarter 2017 diluted earnings per share of $0.55. |
• | GAAP pre-tax income of $68 million. Excluding the one-time costs, adjusted pre-tax income of $180 million(1), a decrease of 39.5% from the third quarter of 2017. |
• | Pre-tax margin of 3.4%, inclusive of the one-time costs. Excluding these one-time costs, adjusted pre-tax margin of 9.0%(1), a 7.4 point decrease year over year. |
Highlights from the Third Quarter 2018
• | Third quarter 2018 revenue per available seat mile (RASM) increased 1.7%, year over year, including 0.4 points of negative impact from severe weather during September. |
• | Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) growth of 3.2%, at the lower end of the updated guidance range of 3.0% to 5.0%. CASM ex-fuel for the third quarter includes a 2.0 point headwind related to recurrent costs of the pilot contract, effective as of August 1st. |
Key Guidance for the Fourth Quarter and Full Year 2018:
• | Capacity is expected to increase between 7.5% and 9.5% year over year in the fourth quarter 2018. The fourth quarter guidance includes a previously-announced 2.0 point ASM reduction to mitigate the impact of higher fuel prices. For the full year 2018, JetBlue expects capacity to increase between 6.5% and 7.0%. |
• | RASM growth is expected to range between 1.0% and 4.0% for the fourth quarter 2018 compared to the same period in 2017. |
• | CASM ex-fuel is expected to decrease between (3.5)% and (1.5)% for the fourth quarter of 2018. CASM ex-fuel for the fourth quarter includes a 3.0 point headwind related to the pilot contract. For the full year 2018, JetBlue expects year over year CASM ex-fuel to be between 0.75% and 1.75%. The headwind from the pilot contract to CASM ex-fuel for the full year 2018 is expected to be equal to 1.3 points. |
For further details see the latest Investor Update and the Third Quarter 2018 Earnings Presentation available via the internet at http://investor.jetblue.com.
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 also be available via the internet at http://investor.jetblue.com.
(1) Note A provides a reconciliation of non-GAAP financial measures used in this release and provides the reasons management uses those measures.
The following information was filed by Jetblue Airways Corp (JBLU) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Jetblue Airways Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Revenue - Product Highlight
We believe our current level of unrestricted cash, cash equivalents and short-term investments of approximately 13% of trailing twelve months revenue, combined with our available lines of credit and portfolio of unencumbered assets provides us with a strong liquidity position and the potential for higher returns on cash deployment.
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Financial - Expense Highlight
Excluding fuel and related taxes, special items, as well as operating expenses related to our non-airline businesses, our cost per available seat mile increased 3.2%.
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Financial - Expense Highlight
Except for uncertainty related to the cost of aircraft fuel, we expect our expenses to continue to increase as we acquire additional aircraft, as our fleet ages and as we expand the frequency of flights in existing markets as well as enter into new markets.
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Financial - Expense Highlight
PART I. FINANCIAL INFORMATION PART I. FINANCIAL INFORMATION Operating Expenses In detail, our operating costs per available seat mile, or ASM, were as follows: Aircraft Fuel and Related Taxes Aircraft fuel and related taxes increased by $429 million, or 43.1%, for the nine months ended September 30, 2018 compared to the same period in 2017, and represented approximately 25.3% of our total operating expenses.
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Financial - Expense Highlight
PART I. FINANCIAL INFORMATION PART I. FINANCIAL INFORMATION Operating Expenses In detail, our operating costs per available seat mile, or ASM, were as follows: Aircraft Fuel and Related Taxes Aircraft fuel and related taxes increased by $168 million, or 48.4%, for the three months ended September 30, 2018 compared to the same period in 2017.
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income (Loss) (Details)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Commitments And Contingencies (Details)
Commitments And Contingencies (Notes)
Comprehensive Income (Details)
Comprehensive Income (Notes)
Comprehensive Income (Tables)
Earnings Per Share (Details)
Earnings Per Share (Notes)
Earnings Per Share (Tables)
Employee Retirement Plan (Details)
Employee Retirement Plan (Notes)
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Notes)
Fair Value Of Financial Instruments (Tables)
Financial Derivative Instruments And Risk Management (Details 2)
Financial Derivative Instruments And Risk Management (Details 4)
Financial Derivative Instruments And Risk Management (Details)
Financial Derivative Instruments And Risk Management (Notes)
Financial Derivative Instruments And Risk Management (Tables)
Financial Derivative Instruments And Risk Management - Hedging Effectiveness (Details 3)
Long-Term Debt And Short-Term Borrowings (Details)
Long-Term Debt And Short-Term Borrowings (Notes)
Long-Term Debt And Short-Term Borrowings (Tables)
Long-Term Debt And Short-Term Borrowings Short-Term Borrowings (Details)
Long-Term Debt And Short-Term Borrowings Short-Term Borrowings (Policies)
Revenue Recognition (Details)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition Loyalty Programs (Policies)
Revenue Recognition Passenger Revenues (Policies)
Special Items (Details)
Special Items (Notes)
Special Items (Tables)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Notes)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies Held-To-Maturity Gains (Loss) (Details)
Material Contracts, Statements, Certifications & more
Jetblue Airways Corp provided additional information to their SEC Filing as exhibits
Ticker: JBLU
CIK: 1158463
Form Type: 10-Q Quarterly Report
Accession Number: 0001158463-18-000090
Submitted to the SEC: Fri Oct 26 2018 4:00:33 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Air Transportation Scheduled
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