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JetBlue Airways drops after slashing full-year outlook on 'staggering' headwinds

AuthorSenad Karaahmetovic
Published 10/31/2023, 07:24 AM
© Reuters. JetBlue Airways (JBLU) drops after slashing full-year outlook on 'staggering' headwinds
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JetBlue Airways (NASDAQ:JBLU) shares fell more than 7% in early Tuesday trade after the airline cut its full-year sales outlook.

For the third quarter, the company reported a loss per share of 39 cents on revenue of $2.35 billion, worse than the consensus for a loss per share of 20 cents on revenue of $2.38 billion.

For this quarter, the company sees a loss per share expanding to 45 cents, while analysts were looking for a loss per share of 15 cents. Full-year loss is seen at 55 cents per share, way above the expected loss per share of 24 cents.

Revenue is expected to decrease between 6.5% and 10.5% in the fourth quarter, while the updated FY guide now calls for revenue to fall by 3-5%.

“While we have been able to offset some of the costs associated with the challenging operational backdrop, the sheer magnitude of the air traffic control and weather-related delays has been staggering,” said Ursula Hurley, JetBlue’s Chief Financial Officer.

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