January 26, 2012

Reporting Record Revenues!

This morning we’re happy to announce that we were profitable for the third year in a row, with a net income of $86 million in 2011. We also posted a $23 million profit in the fourth quarter — the highest fourth quarter profit in our history!

Join the conference call where we’ll discuss quarterly earnings today, January 26, at 9:30 a.m. Eastern Time.  A live broadcast of the conference call will be available via the internet at http://investor.jetblue.com.

Some nuggets about our earnings:

  • Net income for the fourth quarter was $23 million, or $0.08 per diluted share.  This compares to our fourth quarter 2010 net income of $8 million, or $0.03 per diluted share.

  • For the full year 2011, we reported net income of $86 million, or $0.28 per diluted share.  This compares to net income of $97 million, or $0.31 per diluted share, for the full year 2010.

  • We ended the year with $1.2 billion in cash and short term investments.
  • We reported record fourth quarter operating revenues of $1.15 billion.  For the full year, operating revenues totaled $4.50 billion, representing an increase of 19.2% over operating revenues of $3.78 billion for the full year 2010.
  • For the fourth quarter, revenue passenger miles increased 11.0% year-over-year to 7.75 billion on a capacity increase of 10.5%, resulting in a fourth quarter load factor of 82.2%, an increase of 0.3 points year over year.
  • Yield per passenger mile in the fourth quarter was 13.44 cents, up 11.3% compared to the fourth quarter of 2010.  Passenger revenue per available seat mile (PRASM) for the fourth quarter 2011 increased 11.8% year over year to 11.05 cents and operating revenue per available seat mile (RASM) increased 10.5% year over year to 12.16 cents.
  • Operating expenses for the quarter increased 20.4%, or $180 million, over the prior year period, of which $128 million was due to higher fuel costs.  Our operating expense per available seat mile (CASM) for the fourth quarter increased 9.0% year over year to 11.27 cents.  Excluding fuel, CASM decreased 1.5% to 6.85 cents.
  • We continued to hedge fuel to manage price volatility. Specifically, we hedged approximately 45% of its fuel consumption during the fourth quarter, resulting in a realized fuel price of $3.15 per gallon, a 30% increase over fourth quarter 2010 realized fuel price of $2.42.
  • During the fourth quarter, JetBlue generated approximately $114 million of operating cash flow, made debt payments of $65 million and had capital expenditures of $169 million.  For the full year, JetBlue generated operating cash flow of $614 million and had capital expenditures of $524 million, resulting in free cash flow of $90 million.
  • For the first quarter of 2012, CASM is expected to increase between 2.0% and 4.0% over the year-ago period.  Excluding fuel, CASM in the first quarter is expected to range between a decrease of 0.5% and an increase of 1.5% year over year.ASM for the full year is expected to
  • Capacity is expected to increase between 9.5% and 11.5% in the first quarter and to increase between 5.5% and 7.5% for the full year

Press Release

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