JetBlue Airways Financial Results and Expansion Plans

JetBlue Airways reported its second quarter 2024 results, highlighting its improvements and how it managed to exceed its guidance targets. Overall, JetBlue’s net income was $25 million, or $0.07 per share, with adjusted net income of $26 million, or $0.08 per share. Revenue was $2.4 billion, down 6.9% from the previous year, and operating expenses remained stable. The airline company explained how its operational performance improved with a 98.8% completion factor and how it has also achieved $145 million in structural cost savings to date.

JetBlue’s strategy for the next three years focuses on Reliable & Caring Service, a Best East Coast Leisure Network, Products & Perks Customers Value, and a Secure Financial Future.

“While many of these underlying initiatives will take time to ramp to their full potential, with the strong foundation of JetForward, we are poised to generate $800 – $900 million of incremental EBIT from 2025 through 2027 and expect the benefit to be realized evenly over those three years. We are setting ourselves on a path to restore our balance sheet health, and in support of securing our financial future, we are announcing an incremental aircraft deferral of approximately $3 billion of planned capital expenditures. Our focus going forward will be on driving value from our existing asset base and, ultimately, generating positive free cash flow.”

Ursula Hurley, JetBlue’s chief financial officer, via JetBlue

JetBlue also announced major expansions in New England that will significantly expand beyond its current capacity by approximately 20% this upcoming winter. This includes new connections at Boston Logan International Airport (BOS), new routes launched from Manchester-Boston Regional Airport (MHT) in New Hampshire, and more flights with additional New England airports. Other new services will offer daily flights to Orlando and seasonal routes to Fort Lauderdale and Fort Myers from Manchester.

The expansion also includes adding flights from Providence, Rhode Island, and Portland, Maine, and introducing new routes in New York. In Florida, JetBlue will increase flights on daily schedules.

Furthermore, JetBlue is also enhancing and expanding its fleet by phasing out Embraer E190s and replacing them with Airbus A220s for more comfort and efficiency. The A220s feature a better seating arrangement, more sizable windows, and modern power outlets.