Posted on: 26 July 2011 by Ross McSweeny
JetBlue Airways has reported its results for the second quarter 2011 with pre-tax income of $43 million (compared with $52 million in 2Q10) and net income of $25 million ($31 million in 2Q10).
Operating income for the quarter was $86 million, resulting in a 7.5% operating margin, compared with operating income of $95 million and a 10.2% operating margin in the second quarter of 2010.
"Thanks to the hard work of our outstanding crewmembers, we reported another profitable quarter with record revenues," remarked Dave Barger, JetBlue’s president and chief executive officer. "Our targeted growth strategy in Boston and the Caribbean continues to pay off and help mitigate the significant pressure from high fuel costs."
JetBlue reported record second quarter operating revenues of $1.2 billion. Revenue passenger miles for the second quarter increased 7.9% to 7.69 billion on a capacity increase of 8.7%, resulting in a second quarter load factor of 81.5%, a decrease of 0.5 points year-over-year.
Yield per passenger mile in 2Q11 was 13.60 cents, up 13.9% compared with 2Q10. Passenger revenue per available seat mile (PRASM) for 2Q11 increased 13.2% year-over-year to 11.08 cents and operating revenue per available seat mile (RASM) increased by 12.6% year-over-year to 12.19 cents.
Operating expenses for 2Q11 increased 26%, or $220 million, over the prior year period driven primarily by $160 million in additional fuel expense. JetBlue’s operating expense per available seat mile (CASM) for 2Q11 increased 16% year-over-year to 11.28 cents. Excluding fuel, CASM increased 1.7% to 6.62 cents.
JetBlue ended the second quarter with approximately $1.2 billion in unrestricted cash and short term investments.