JetBlue earnings
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JetBlue earnings
JetBlue Announces Reduced Third Quarter Profit
JetBlue Airways Corporation today reported a reduced third quarter 2004 profit of $8.4 million, down 71 percent from the $29.0 million profit reported in the third quarter of 2003.
Operating revenue for the quarter totaled $323.2 million, representing growth of 18.1 percent over operating revenues of $273.6 million in the third quarter of 2003. Operating income in the quarter was $23.0 million, resulting in a 7.1 percent operating margin, compared to operating income of $53.8 million and a 19.7 percent operating margin in the third quarter of 2003.
"The combination of a continued weak pricing environment, record high fuel prices and the impact of four major hurricanes in many of our southern markets made for a very challenging quarter," said David Neeleman, JetBlue's Chairman and CEO. "Nonetheless, we are encouraged that the fundamentals of our business continue to be solid: good demand from our loyal customers, exceptional operating performance, and unit cost performance that, on a fuel neutral basis, improved year over year."
For the third quarter 2004, operating revenues increased by 18.1 percent over 2003 to $323.2 million. Revenue passenger miles increased 29.1 percent from the third quarter of 2003 to 4.2 billion. Yield per passenger mile was 7.43 cents, down 8.8 percent compared to 2003 on a 2.7 percent increase in average length of haul. Operating revenue per available seat mile (RASM) decreased 11.4 percent year-over-year to 6.54 cents. Available seat miles grew 33.3 percent to 4.9 billion.
Operating expenses for the third quarter were $300.2 million, up 36.6 percent from the third quarter of 2003. Operating expense per ASM (CASM) for the third quarter 2004 increased 2.5 percent year-over-year to 6.08 cents. During the quarter, fuel price was $1.08 per gallon, a 32.7 percent increase over third quarter 2003 fuel price of $0.81. JetBlue ended the third quarter with $516.7 million in cash and short-term investments.
JetBlue Airways Corporation today reported a reduced third quarter 2004 profit of $8.4 million, down 71 percent from the $29.0 million profit reported in the third quarter of 2003.
Operating revenue for the quarter totaled $323.2 million, representing growth of 18.1 percent over operating revenues of $273.6 million in the third quarter of 2003. Operating income in the quarter was $23.0 million, resulting in a 7.1 percent operating margin, compared to operating income of $53.8 million and a 19.7 percent operating margin in the third quarter of 2003.
"The combination of a continued weak pricing environment, record high fuel prices and the impact of four major hurricanes in many of our southern markets made for a very challenging quarter," said David Neeleman, JetBlue's Chairman and CEO. "Nonetheless, we are encouraged that the fundamentals of our business continue to be solid: good demand from our loyal customers, exceptional operating performance, and unit cost performance that, on a fuel neutral basis, improved year over year."
For the third quarter 2004, operating revenues increased by 18.1 percent over 2003 to $323.2 million. Revenue passenger miles increased 29.1 percent from the third quarter of 2003 to 4.2 billion. Yield per passenger mile was 7.43 cents, down 8.8 percent compared to 2003 on a 2.7 percent increase in average length of haul. Operating revenue per available seat mile (RASM) decreased 11.4 percent year-over-year to 6.54 cents. Available seat miles grew 33.3 percent to 4.9 billion.
Operating expenses for the third quarter were $300.2 million, up 36.6 percent from the third quarter of 2003. Operating expense per ASM (CASM) for the third quarter 2004 increased 2.5 percent year-over-year to 6.08 cents. During the quarter, fuel price was $1.08 per gallon, a 32.7 percent increase over third quarter 2003 fuel price of $0.81. JetBlue ended the third quarter with $516.7 million in cash and short-term investments.
Join Date: Dec 2003
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Pity their pilots are worked the bone with the lure of fancy state-of-the-art aids and techie stuff ... while they have no pension, no security, seniority, prospects, unity and soon will drive the yearly/monthly working hour limits through the glass ceiling for themsevles and very soon everyone else ...yes even green prop jockeys!!!
great news indeed!
great news indeed!
Join Date: Oct 2004
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Pension, yeah great, just ask the guys at Enron how great a pension is. Or how about the folks at United and Delta; notice how many pilots have taken early retirement in order to get their money before it's gone.
Give me a 401k plan like Jet Blue any time, the money belongs to me, not the company!
Also Jet Blue's profit sharing has averaged 15% of annual pay, not bad, not to mention their Pilot's aren't worrying about bankruptcy, furloughs etc.
Give me a 401k plan like Jet Blue any time, the money belongs to me, not the company!
Also Jet Blue's profit sharing has averaged 15% of annual pay, not bad, not to mention their Pilot's aren't worrying about bankruptcy, furloughs etc.
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I'm with you on that. Someone will always find a negative spin on a non union airline. Even if the company's people are proud of their airline and support it people will assume unhappiness due to non union. Imagine how many employees would be happy if their airline could just make a profit, let alone the rest.
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Good luck to JetBlue & others that work their pilots hard. You lot are such a sad bunch of union / pension / benefit munchers !!! Get out and obtain another income if you need, it or get a proper job ... !!!! 
Join Date: Oct 2004
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Easy Glider,
I agree the salaries and benefits that pilots working for low fare/low cost carriers are not as good as the legacy carriers, I think that all pilots deserve $300,000 a year, but the economics are just not there to support these kind of salaries right now.
The fact is that the fundamentals are changing and sooner or later we will all be working for "Low cost" carriers, the term just won't apply because they will all be low cost. Wether you agree with this or not is irrelavent, it's just the way it is. Besides, for the time being, we still have a choice.
AD
I agree the salaries and benefits that pilots working for low fare/low cost carriers are not as good as the legacy carriers, I think that all pilots deserve $300,000 a year, but the economics are just not there to support these kind of salaries right now.
The fact is that the fundamentals are changing and sooner or later we will all be working for "Low cost" carriers, the term just won't apply because they will all be low cost. Wether you agree with this or not is irrelavent, it's just the way it is. Besides, for the time being, we still have a choice.
AD
Join Date: May 2004
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Yes the guys in the USA are screwed.
JBlue management has all of them believing that everything will be ok.........we promise.......yet no bargaining agreement, just a contract, which, if you dig deep enough says the company can change whatever it wants--whenever it wants without the approval of the employee.
Their Captains have to clean up garbage in the cabins. Management has all of them believing that it is for the good of the team. The Captain is no better than the cabin cleaners.
******** !.
JBlue management has all of them believing that everything will be ok.........we promise.......yet no bargaining agreement, just a contract, which, if you dig deep enough says the company can change whatever it wants--whenever it wants without the approval of the employee.
Their Captains have to clean up garbage in the cabins. Management has all of them believing that it is for the good of the team. The Captain is no better than the cabin cleaners.
******** !.
Join Date: Oct 2004
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900 Hours!
Puncture the 900 hours ceiling! Well, that would suck. Then, they are limited to only 75 hours per month.
CURRENTLY, they can fly 83 1/3 hours per month. Which, when you consider that over-time is calculated on each hour over 70, is a hefty jolt in the pocket-book.
I can see how that would have detrimental effects on the team…
CURRENTLY, they can fly 83 1/3 hours per month. Which, when you consider that over-time is calculated on each hour over 70, is a hefty jolt in the pocket-book.
I can see how that would have detrimental effects on the team…
Join Date: Nov 2004
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900 HRS CEILING!!!!!!
For you guys out there: JetBlue is just another Corporation that does not care about the employees.
I used to wear a white shirt and now is blue that is the only difference; profit sharing yahhhhhhhhh sure, what is that?: the company is saying that we are going to loose money this year.
Good luck to all of you
P.S. By the way at the end of Oct I will have already 900 hours of flying time for this year
I used to wear a white shirt and now is blue that is the only difference; profit sharing yahhhhhhhhh sure, what is that?: the company is saying that we are going to loose money this year.
Good luck to all of you
P.S. By the way at the end of Oct I will have already 900 hours of flying time for this year
