Posted on: 21 October 2010 by Ross McSweeny
JetBlue Airways has reported its results for the third quarter 2010 including achieving its first $1 billion revenue quarter.
Operating income for the quarter was $140 million, resulting in a 13.6% operating margin, compared with operating income of $66 million and a 7.7% operating margin in 3Q09.
Pre-tax income in 3Q10 was $97 million – up from 3Q09’s figure of $23 million – while net income for 3Q10 was $59 million, considerably higher than 3Q09’s net income of $15 million.
"The third quarter was a remarkable quarter for JetBlue," said Dave Barger, JetBlue’s CEO. "We reported record revenues and net income for the quarter, reflecting our continued focus on revenue maximisation, cost control and network optimisation. JetBlue’s financial success is due to the exceptional efforts put forth by all of our outstanding crewmembers, and they should be extremely proud of their performance."
In 3Q10 JetBlue’s third quarter revenue exceeded $1 billion for the first time, up 20.5% year-over-year. Yield per passenger mile in the third quarter was 12.10 cents, up 11.4% compared to the third quarter of 2009.
Operating expenses for the quarter increased 12.9%, or $102 million, over the prior year period, including a non-cash impairment charge of approximately $6 million related to an asset held by LiveTV, JetBlue’s wholly owned subsidiary. JetBlue’s operating expense per available seat mile (CASM) for the third quarter increased 4.1% year-over-year to 9.78 cents. Excluding fuel, CASM increased by 3.4% to 6.57 cents.