JetBlue passenger revenue increased 3.3 percent year over
year in the third quarter to $1.6 billion. That's despite a hit to revenue from
hurricanes Irma and Maria in Florida and the Caribbean.
The storms, which caused more than 2,500 JetBlue flight
cancellations, cost the carrier $44 million in revenue in the third quarter and
will cost between $70 million and $90 million in revenue in the fourth quarter
as recovery continues. While JetBlue expects bookings in Florida to return to
normal by November, full recovery in Puerto Rico, which remains largely without
power more than a month after Maria's strike, will "take many
months," president and CEO Robin Hayes said. JetBlue, which has more
flights through Puerto Rico than any other airline, is redeploying some
capacity from the island to elsewhere in the Caribbean and Florida and expects
to restore full operations in Puerto Rico by the end of next year, Hayes said.
RELATED: JetBlue Q2 earnings
JetBlue traffic rose 2.3 percent year over year during the third quarter as the carrier increased capacity 3.7 percent. Load factor declined 1.2
percentage points to 85.1 percent. The average fare increased 0.5 percent to
$158.68, and yield rose 1 percent.
JetBlue
reported net income of $179 million for the quarter, down from $199 million in
the third quarter of 2016. The carrier reported a 9.1 percent rise in operating
expenses during the quarter, including an 18.3 percent increase in fuel costs.