JetBlue reduces capacity by 47% in 4Q2020

    JetBlue Airways reported (28-Jan-2021) the following financial highlights from 4Q2020:

    • Revenue declined 67% year-on-year as a result of the impact of COVID-19. The carrier stated the decline is “better than prior expectations” for the quarter of a 70% decline, and represents a nine point sequential improvement quarter-on-quarter, mainly driven by solid booking trends in Oct-2020 and improving volumes in the back half of Dec-2020;
    • Reduced 4Q2020 capacity by 47%, in line with planning assumption of a decrease between 45% and 50%, as a result of actions taken to manage cash burn and protect liquidity;
      Excluding special items, adjusted operating expenses declined 34% compared to a planning assumption of a decrease of at least 30%. The results were driven by capacity actions taken to reduce variable costs and fixed cost reductions achieved by adjusting work schedules and managing external spend;
    • Repaid USD100 million in regularly scheduled debt and finance lease obligations. [more – original PR]
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