JetBlue Numbers Grounded by Coronavirus
Date
7/28/2020 10:58:59 AM
(MENAFN- Baystreet.ca) JetBlue Airways (NASDAQ:JBLU) on Tuesday said it swung to a loss in the second quarter and forecast that revenue will fall by about 80% in the third quarter as the coronavirus pandemic promises a choppy recovery in travel demand.
The New York-based airline carried just 616,000 passengers in the three months ended June 30, down more than 94% from the 11 million which flew JetBlue in the same period last year. Revenue plunged about 90% from the second quarter of 2019 to $215 million from more than $2.1 billion during the same three months last year.
JetBlue ended the second quarter with approximately $2.9 billion in unrestricted cash, cash equivalents, and short-term investments, or 36% of 2019 revenue. Including the CARES Act PSP proceeds, our liquidity was $3.4 billion at the end of second quarter 2020, or 42% of 2019 revenue.
JetBlue repaid $78 million in regularly scheduled debt and finance lease obligations during the second quarter of 2020
JetBlue is the latest airline to detail financial losses stemming from the coronavirus crisis, which kept millions of would-be travelers at home.
Executives are warning that while demand bottomed out in the spring, a choppy recovery is ahead because of a surge in virus cases and new travel restrictions.
The carrier, like its competitors, slashed flights in an effort to cut costs as demand fell.
JetBlue posted a net loss of $320 million in the three months ended June 30, down from net income of $179 million a year earlier.
Shares in the airline inched up 2.5 cents in the first hour of trading Tuesday, to $10.25.
MENAFN2807202002120000ID1100556079
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.