NEW YORK – JetBlue (B6) yesterday reported Q4 2020 financial results, which, as expected, were severely impacted by the global pandemic. However, the carrier says the results were better than expected.
The highlights of the report included:
- An adjusted pre-tax loss of (US$581m) in Q4 vs. adjusted pre-tax income of $US221m in Q4 2019 (both excluding one-time items)
- Q4 revenue decline of 67%
- Q4 capacity reduction of 47%
- Q4 operating expense decline of 38%
JetBlue also said the revenue decline was better than expected because of “solid booking trends in October and improving volumes in the back half of December.”
Comments from JetBlue CEO Robin Hayes
“2020 was a year like no other, as the COVID-19 pandemic challenged our industry in ways we have never seen before. The very foundation of our business model – our culture, our passion for customer service, and our focus on safety – continue to guide us as we march toward recovery.
“As we moved through 2020, we meaningfully reduced our cash burn, and are starting to shift our focus to rebuilding our margins. We remain cautiously optimistic that demand trends will improve later this year. More importantly, this crisis has made us a more agile, creative and resilient airline, and we believe our initiatives will allow us to emerge with structurally better margins.”
For more details on B6’s Q4 financial report, please visit their website.
Featured image: Kochan Kleps/Airways