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JetBlue bullish after first quarterly profit
JetBlue Airways is back in the black.
It posted a $57 million profit for the third quarter thanks to strong travel demand.
The airline saw revenues rise 30% compared to last year.
It is a ‘milestone’ in its recovery.
It was the first adjusted quarterly profit since the pandemic,
“While the revenue outlook is strong, we have to continue to be thoughtful about every penny we spend, particularly in today’s environment, since our entire business model of competing with lower fares is based on having lower costs,” JetBlue’s CFO, Ursula Hurley, said.
However, JetBlue won’t post a full-year profit ‘after the bumps we faced in the first half of the year’ Hurley added.
The airline expects Q4 costs to rise by about 10%,
JetBlue recently got initial approval to acquire budget carrier Spirit Airlines but now faces intense scrutiny from federal regulators.
Spirit shareholders voted to accept JetBlue’s $3.8 billion takeover.
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