(RTTNews) - JetBlue Airways Corp. (JBLU) said its average daily cash burn for the third quarter was $6.1 million, ahead of the $7 to $9 million range it anticipated 3 months ago. For the fourth quarter, the company estimates daily cash burn to be between $4 and $6 million.
"Our planning assumption for the fourth quarter is a revenue decline of approximately 65% year over year. For the fourth quarter, our current planning assumption is for capacity to decline approximately 45% year over year, given our current expectations for improved bookings," said Joanna Geraghty, JetBlue's President and COO.
For third quarter, adjusted loss per share was $1.75 compared to profit of $0.59, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss per share of $2.0 for the quarter. Analysts' estimates typically exclude special items.
Third quarter 2020 revenue declined 76% year over year to $492 million, as a result of the impact of COVID-19. Analysts expected revenue of $457.15 million for the quarter. Operating expenses declined 45%. Excluding special items, adjusted operating expenses declined 39% year over year. The company reduced third quarter capacity by 58% year over year compared to an initial planning assumption of a decrease of at least 45%.
JetBlue ended the third quarter with approximately $3.1 billion in unrestricted cash, cash equivalents, and short-term investments.
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