JetBlue reduces capacity by 47% in 4Q2020

29 January, 2021

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]