JetBlue Airways Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance amid ongoing challenges. The company recorded operating revenues of $2,365 million for Q3 2024, a slight increase from $2,353 million in Q3 2023. However, for the nine months ended September 30, 2024, total operating revenues decreased to $7,002 million from $7,290 million in the same period of the previous year.
Passenger revenues for Q3 2024 were $2,198 million, down marginally from $2,201 million in Q3 2023. For the nine-month period, passenger revenues fell to $6,518 million, a decrease of 4.7% compared to $6,842 million in 2023. The decline in passenger revenue was attributed to a 5.4% drop in revenue passengers, reflecting a reduction in capacity.
Operating expenses for Q3 2024 totaled $2,403 million, down from $2,509 million in Q3 2023, primarily due to a significant decrease in aircraft fuel expenses, which fell by 16.8% to $584 million. Despite this, total operating expenses for the nine months increased to $7,702 million from $7,453 million in 2023, driven by higher salaries and benefits costs, which rose by 5.7% due to wage increases from a new pilot contract.
JetBlue reported a net loss of $60 million for Q3 2024, an improvement from a net loss of $153 million in Q3 2023. However, the net loss for the nine months ended September 30, 2024, widened to $751 million from $207 million in the same period of 2023. The loss per share for Q3 2024 was $0.17, compared to $0.46 in Q3 2023.
Strategically, JetBlue has focused on a network refocus targeting high-performing leisure and transcontinental routes, resulting in the announcement of 15 station closures and over 50 route exits in 2024. The company has also enhanced customer experience initiatives, including plans for new airport lounges and an updated baggage policy.
In terms of liquidity, JetBlue reported cash and cash equivalents of $2,594 million as of September 30, 2024, a significant increase from $1,166 million at the end of 2023. The company raised approximately $2.8 billion through various financing activities, including the issuance of senior secured notes and convertible senior notes.
JetBlue's total assets increased to $16,627 million from $13,853 million at the end of 2023, while total liabilities rose significantly, particularly long-term debt, which increased to $7,868 million from $4,409 million. The company continues to navigate challenges related to aircraft availability due to inspections mandated by the FAA, impacting future capacity plans.
About JETBLUE AIRWAYS CORP
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