JetBlue's revenue declined 15.1 percent year over year to $1.59 billion in the first quarter, with March revenue down 52 percent after a "very solid start" in the first months of the year.
For April, revenue is down 95 percent year over year, with the carrier operating about 100 flights per day—compared with about 1,000 flights per day under usual circumstances—with load factors running between 10 and 15 percent, president and COO Joanna Geraghty said. Bookings have been "extremely limited" in the second quarter, and although they have shown a small improvement, including a slowdown in no-shows, "it's too early to tell whether it's permanent," she said.
The carrier's daily cash burn was about $18 million in late March, and this month, the carrier expects that to be down to $10 million, not counting the benefits from the nearly $1 billion in payroll support JetBlue is receiving under the federal Covid-19 relief package. It has reduced its capital spending plan by $1.3 billion through the end of 2022, and by the end of this month, operating expenses will be down 50 percent year over year, according to CEO Robin Hayes. Spending cuts include a pause of JetBlue's Airbus A320 cabin restyling program, which was about half complete, and deferring delivery of four leased aircraft.
Hayes said JetBlue is "being conservative in our planning" as some states begin the reopening process. Geraghty said she projected family visits and leisure travel would return more quickly than business, which would be a benefit to JetBlue, which has a smaller share of business versus leisure than many of its competitors.
JetBlue reported a net loss of $268 million for the quarter, compared with net income of $42 million in the first quarter of 2019.
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