(RTTNews) - JetBlue Airways (JBLU) reported a first quarter net loss of $319 million compared to a loss of $208 million, prior year. Loss per share was $0.86 compared to a loss of $0.59. Net loss excluding special items and gain on investments was $322 million compared to a loss of $209 million. Loss per share excluding special items and gain on investments was $0.87 compared to a loss of $0.59.
First quarter total operating revenues increased to $2.24 billion from $2.14 billion, last year. Passenger revenues were $2.05 billion compared to $1.97 billion. System capacity decreased by 1.7% year-over-year.
For the second quarter, the company expects Available Seat Miles to rise 1.5% - 4.5%. RASM growth is projected in a range of 7.0% - 11.0%. The company said its goal remains to target positive free cash flow by end of 2027.
JetBlue Airways said it is taking decisive actions to mitigate elevated fuel costs with focus on capacity, revenue opportunities and cost control. It expects 30% to 40% fuel recapture in the second quarter, and 100% by early 2027. The company reduced second quarter capacity by nearly one point versus close-in expectations and is reducing second half by at least two to three points versus 2026 prior expectations, with reductions focused in off-peak travel periods.
In pre-market trading on NasdaqGS, JetBlue shares are down 0.10 percent to $4.91.
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