JetBlue Airways (JBLU) Tops Q3 EPS by 25c, Revenues Fall 76% But Beat Views

JetBlue Airways (NASDAQ: JBLU) reported Q3 EPS of ($1.75), $0.25 better than the analyst estimate of ($2.00). Revenue for the quarter came in at $492 million versus the consensus estimate of $457.15 million.

• Third quarter 2020 revenue declined 76% year over year as a result of the impact of COVID-19. The decline is better than our initial planning assumption for the quarter of 80%, as a result improving leisure and visiting friends and relatives (“VFR”) travel trends throughout the quarter.
• Reduced third quarter 2020 capacity by 58% year over year compared to an initial planning assumption of a decrease of at least 45%, as a result of actions taken to manage cash burn and protect liquidity.
• Operating expenses declined 45% year over year. Excluding special items, adjusted operating expenses(1) declined 39% year over year. We successfully reduced our third quarter expenses by taking capacity actions to reduce variable costs and reducing fixed costs by adjusting work schedules and eliminating discretionary spend.

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

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