NASDAQ$JBLU
JetBlue Airways Corp · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
JetBlue reported a GAAP loss per share of ($1.44). Revenue declined 76% year over year due to the impact of COVID-19, but exceeded initial expectations.
JetBlue Airways Corporation reported its Q3 2020 results, which were significantly impacted by the COVID-19 pandemic. The company reported a GAAP loss per share of ($1.44) and a GAAP pre-tax loss of ($578) million. Revenue declined 76% year over year, but the company managed to reduce operating expenses by 45%. JetBlue ended the quarter with approximately $3.1 billion in unrestricted cash, cash equivalents, and short-term investments.
- Reported GAAP loss per share of ($1.44) in the third quarter of 2020 compared to a diluted earnings per share of $0.63 in the third quarter of 2019.
- Third quarter 2020 revenue declined 76% year over year as a result of the impact of COVID-19.
- Reduced third quarter 2020 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.
Headline financials
Revenue & EPS history
JetBlue · Revenue · Quarterly
$492M
Revenue by segment
JetBlue · $492M total across 2 segments · Q3 2020
- Passenger$445M—90.4%
- Other$47M—9.6%
Forward guidance
JetBlue expects average daily cash burn in the fourth quarter to range between $4 and $6 million. Planning assumption for the fourth quarter is for capacity to decline approximately 45% year over year, given current expectations for improved bookings. Planning assumption for the fourth quarter is a revenue decline of approximately 65% year over year.
Tailwinds
- The booking curve extend slightly into the upcoming Thanksgiving and December holiday travel period
- Customers responding positively to promotional activity including an early holiday sale in late September.
- Estimate daily cash burn to be between $4 and $6 million dollars for the fourth quarter.
- Reached a second negotiated agreement with Airbus to defer additional aircraft and associated capital expenditure over the next few years.
- Reduced aircraft and non-aircraft CAPEX by approximately $2 billion dollars between 2020 and 2022.
Headwinds
- There still quite a lot of uncertainty about the evolution of the coronavirus
- Planning assumption for the fourth quarter is a revenue decline of approximately 65% year over year.
- Northeast geography continues to be disproportionately impacted
- COVID-19 continues to affect demand for air travel
- Global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2020
-2.3%
Avg return
Earnings day
-2.7%
Avg return
5 days after
+1.8%
Avg return
30 days after
40%
27 / 68 earnings
Positive
+13.3%
Q1 2020
Best reaction
-25.7%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.8% | -1.6% | +8.7% | |
| Q4 2025 | -6.1% | -4.1% | +14.2% | |
| Q3 2025 | -12.3% | -11.0% | -4.2% | |
| Q1 2025 | +2.7% | +17.0% | +24.3% | |
| Q4 2024 | -25.7% | -18.7% | -19.7% | |
| Q3 2024 | -23.1% | -21.2% | -18.6% | |
| Q2 2024 | +8.1% | -6.2% | -15.9% | |
| Q1 2024 | -21.3% | -23.0% | -25.4% | |
| Q4 2023 | -3.5% | +4.4% | +17.8% | |
| Q3 2023 | -12.1% | +4.5% | +5.2% | |
| Q2 2023 | -11.2% | -14.0% | -23.8% | |
| Q1 2023 | +0.9% | +4.7% | +0.1% | |
| Q4 2022 | -5.2% | -4.9% | -3.1% | |
| Q3 2022 | -1.1% | +2.9% | +5.2% | |
| Q2 2022 | +0.0% | +1.0% | -10.4% | |
| Q1 2022 | -14.0% | -15.7% | -18.8% | |
| Q4 2021 | +2.9% | +10.1% | +14.9% | |
| Q3 2021 | -4.4% | -4.8% | -1.9% | |
| Q2 2021 | -4.7% | -8.0% | -5.6% | |
| Q1 2021 | -2.7% | -1.0% | -0.1% | |
| Q4 2020 | -2.3% | -1.7% | +25.5% | |
| Q3 2020 | -11.5% | -4.7% | +26.0% | |
| Q2 2020 | -2.7% | +1.1% | +13.4% | |
| Q1 2020 | +13.3% | +0.5% | +70.7% | |
| Q4 2019 | +4.3% | +2.4% | +4.1% | |
| Q3 2019 | +7.8% | +7.1% | +6.3% | |
| Q2 2019 | +3.2% | +2.2% | -5.0% | |
| Q1 2019 | +8.1% | +7.7% | +4.5% | |
| Q4 2018 | +2.7% | +5.1% | -0.1% | |
| Q3 2018 | -4.5% | -1.8% | +8.9% | |
| Q2 2018 | -13.1% | -8.9% | -4.6% | |
| Q1 2018 | -3.7% | -3.2% | -4.4% | |
| Q4 2017 | -7.0% | -6.3% | -3.3% | |
| Q3 2017 | -0.8% | -2.5% | +0.1% | |
| Q2 2017 | -3.0% | -3.1% | -15.0% | |
| Q1 2017 | +2.3% | +0.4% | +4.9% | |
| Q4 2016 | -9.7% | -9.9% | -10.1% | |
| Q3 2016 | -6.4% | -7.9% | +11.9% | |
| Q2 2016 | +7.4% | +6.1% | -7.3% | |
| Q1 2016 | +1.1% | — | — | |
| Q4 2015 | +0.3% | — | — | |
| Q3 2015 | -6.0% | — | — | |
| Q2 2015 | +2.6% | — | — | |
| Q1 2015 | +5.2% | — | — | |
| Q4 2014 | +6.5% | — | — | |
| Q3 2014 | -2.0% | — | — | |
| Q2 2014 | +1.2% | — | — | |
| Q1 2014 | -7.8% | — | — | |
| Q4 2013 | +2.8% | — | — | |
| Q3 2013 | -4.2% | — | — | |
| Q2 2013 | -1.7% | — | — | |
| Q1 2013 | -3.6% | — | — | |
| Q4 2012 | +1.0% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2012 | -1.3% | — | — | |
| Q1 2012 | -0.2% | — | — | |
| Q4 2008 | -1.2% | — | — | |
| Q4 2011 | -1.2% | — | — | |
| Q3 2011 | +3.5% | — | — | |
| Q2 2011 | -3.4% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q4 2010 | +0.9% | — | — | |
| Q3 2010 | +1.0% | — | — | |
| Q3 2009 | +1.0% | — | — | |
| Q4 2009 | -1.9% | — | — | |
| Q2 2009 | -1.9% | — | — | |
| Q2 2010 | -1.9% | — | — | |
| Q1 2010 | -0.9% | — | — |
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