JetBlue Reports a “Remarkable” $59 Million Third-quarter Profit
Posted on | October 26, 2010 | No Comments
JetBlue Airways reported a $59 million third-quarter profit compared to a $15 million profit in the third quarter of 2009, and said it is on course to report its “most profitable year ever.”
Revenue climbed 20.5% year-over-year to $1.03 billion—the first time quarterly revenues have exceeded $1 billion—while costs were up 12.9% to $890 million. Ancillary revenue rose 3% to approximately $18 per passenger. Operating income leaped 111.1% to $140 million from $66 million in the 2009 third quarter.
“The third quarter was a remarkable quarter for JetBlue,” said CEO Dave Barger. “We reported record revenues and net income for the quarter, reflecting our continued focus on revenue maximization, cost control and network optimization.”
The carrier said the transition from Open Skies to a new integrated customer service system from Sabre”has helped to increase corporate travel penetration”. JetBlue also disclosed plans to add a seventh interline partner this month.
JetBlue plans to open six new destinations from Boston this year, increasing capacity by 30% year-over-year at a base that it said drove this year’s expansion. It aims to have 100 daily departures at Boston by next summer.
CFO Ed Barnes said, “Looking ahead, we are encouraged by strong revenue trends—particularly in our Boston and Caribbean markets. We expect this revenue momentum to continue into the fourth quarter.”
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