JetBlue Airways (JBLU) Tops Q3 EPS by 1c

JetBlue Airways (NASDAQ: JBLU) reported Q3 EPS of $0.58, $0.01 better than the analyst estimate of $0.57. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.69 billion.

Yield per passenger mile in the third quarter was 14.02 cents, up 0.5% compared to the third quarter of 2014. Passenger revenue per available seat mile (PRASM) for the third quarter 2015 decreased 0.6% year over year to 11.96 cents and operating revenue per available seat mile (RASM) was essentially flat year over year at 13.01 cents.

Operating expenses for the quarter decreased 2.0%, or $29 million, over the prior year period. Interest expense for the quarter declined 16.2%, or $5 million, as JetBlue continued to reduce its debt. JetBlue's operating expense per available seat mile (CASM) for the third quarter decreased 11.2% year over year to 10.30 cents. Excluding fuel and profit sharing, third quarter CASM1 increased 2.4% to 7.31 cents.

Fourth Quarter and Full Year Outlook

CASM excluding fuel and profit sharing is expected to increase between zero and 2.0% in the fourth quarter 2015 and between zero and 1.0% percent for the full year. This represents a 0.5% reduction to the top end of our full year CASM excluding fuel and profit sharing guidance range.

Capacity is expected to increase between 8.5% and 10.5% in the fourth quarter 2015 and between 8.5% and 9.5% for the full year. The 0.5% increase to the high end of our full year capacity guidance range is a function of additional Mint service driven by higher utilization of our Mint fleet, and continued better than expected completion factor.

For earnings history and earnings-related data on JetBlue Airways (JBLU) click here.

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