Ireland-bound US low cost airline JetBlue has reported a net loss of $104m for the fourth quarter of 2023, while operating revenue fell by 3.7%, year-on-year, to $2.3bn.
More positively, the airline ended the quarter with $1.7bn in unrestricted cash and reached agreement to defer $2.5bn of planned aircraft capital expenditures from 2024-2027 to 2028 and thereafter.
“We closed the year on a strong note thanks to the hard work and continued execution of our team as fourth quarter revenue and costs beat our expectations,” said Robin Hayes, JetBlue’s outgoing chief executive. “Looking ahead, I am confident that the next chapter of JetBlue, under Joanna’s leadership, will deliver a refreshed focus on our core customer, expanded opportunities for our crewmembers, and a return to JetBlue’s historical earnings power for our shareholders.”
JetBlue announced, early this month, that current chief operating officer Joanna Geraghty will replace Robin Hayes as CEO as of February 12.
JetBlue also confirmed, this month, that its much-anticipated launch into Ireland – with routes from Dublin to New York and Boston – will formally launch on March 14.
“2024 is an important year of change for JetBlue and we are taking aggressive action, including launching $300 million of revenue initiatives, to return to profitability and deliver value for our shareholders. We are moving with renewed rigor and discipline as we refocus our energy and play to our strengths, further deepening our unique competitive positioning,” said Joanna Geraghty, JetBlue’s president and chief operating officer and incoming CEO.
“As we look ahead in 2024, we are seeing positive momentum in our revenue growth. Demand during peak periods remains strong, and we continue to manage our capacity during off-peak periods to reflect evolving demand trends. We plan to continue to refine our network and product offering to better serve our leisure customers while diversifying revenues with margin-accretive initiatives.”
