JetBlue Earnings: Better Than Expected
In recent weeks, a slew of U.S. airlines have reported third-quarter results that fell short of their initial forecasts, blaming a surge in U.S. COVID-19 cases that undermined demand beginning in early August.
However, JetBlue Airways (NASDAQ: JBLU) managed to buck the trend. On Tuesday, the airline reported a smaller-than-expected loss for the third quarter and matched the guidance it had provided in July.
Three months ago, JetBlue projected that its third-quarter revenue would fall 4% to 9% compared to Q3 2019 on a 0% to 3% capacity decrease. The airline estimated that non-fuel unit costs would jump 11% to 13% over the same period, weighing on profitability. Nevertheless, its quarterly forecast called for generating $75 million to $175 million of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
Source Fool.com
