North American carrier, JetBlue has reported a quarterly profit for the first time since the pandemic started back in 2020. Exactly this time last year JetBlue reported a second-quarter loss of USD$320 million which was also during the height of the global COVID-19 pandemic which also resulted in most of the carrier’s aircraft being grounded.
Now, JetBlue has recorded a second-quarter profit of USD$64 million, a figure which also reflects the federal aid the company received as part of the recovery of the United States aviation industry. The American airline also recorded USD$1.5 billion in operating income, a figure which is almost six times more than that of last year.
Likewise, the airline recorded operating expenses of around USD$1.4 billion, which is almost doubling last year’s numbers. JetBlue also stated that during the second quarter it repaid USD$89 million in “regularly scheduled debt and finance lease obligations.” The carrier went on to add that it has also fully repaid a term loan of USD$722 million.
In a company statement, JetBlue’s Chief Executive, Robin Hayes said “In the second quarter, we saw strong signs that consumer confidence and travel demand is returning, with second-quarter revenue doubling compared to the first quarter.”
JetBlue also revealed that the carrier’s load factor has increased significantly since the start of the pandemic. JetBlue stated that for the quarter it had an average passenger load factor of 72.9%, but the airline’s Chief Operating Officer and President added that the airline has seen days with “average load factors in the 90s.”
In a press release seen by AeroNewsX, the COO and President of JetBlue, Joanna Geraghty said “We are pleased to see further month-on-month improvement into the peak summer months, with demand momentum across all of our geographies. We ended the quarter with load factors in the mid-80s with June capacity largely back to pre-pandemic levels, compared to an average load factor in the mid-60s in the first quarter.”
With more passengers demanding flights, the carrier is starting to offer a similar amount of capacity which was available over the same period in 2019. However, on Monday the United States stated that it will not be lifting any travel restrictions “at this point,” due to ongoing concerns about the Delta variant.
While the airline expects its third-quarter revenue to down by about 4 to 9 per cent in comparison to 2019. The carrier has already been forced to reduce its transatlantic service to London Heathrow, which is due to commence next month. The airline stated that it would adjust its schedule to fall in line with passenger demand which may result in services being reduced in September.
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