Posted on: 30 January 2015
JetBlue Airways has announced its results for the fourth quarter and full year 2014, with a full year 2014 net income, on a GAAP basis, of $401 million.Excluding special items, net income was $232 million, compared with net income of $168 million for the full year 2013. The operating income for the year was $515 million, compared with operating income of $428 million in 2013.For the fourth quarter of 2014 (4Q14), operating income was $169 million, compared with operating income of $115 million in 4Q13. On a GAAP basis, net income for the fourth quarter was $88 million. Excluding special items, 4Q14 net income was $87 million, up from 4Q13’s net income of $47 million."These results demonstrate the diversity and strength of JetBlue's network as well as our commitment to cost control. I would like to thank JetBlue's 16,000 crewmembers for all of their work in running a safe airline while delivering outstanding service to our customers," remarked Robin Hayes, JetBlue's president. "We are excited about the trajectory of our company. While fuel prices have fallen substantially, we are not changing our business plan and the actions we outlined at our Investor Day in November. We believe our differentiated model of serving underserved customers will enhance long term shareholder value."In the fourth quarter JetBlue had in place hedges for around 26% of its fuel consumption and managed approximately 7% of its fuel consumption using fixed forward price agreements (FFPs). This resulted in a realised fuel price of $2.70 per gallon, a 12.9% decrease versus the 4Q13 realised fuel price of $3.10. JetBlue recorded $26 million in losses on fuel hedges settling during the fourth quarter.JetBlue ended the quarter with approximately $708 million in unrestricted cash and short term investments, or 12% of trailing twelve month revenue. In addition, JetBlue maintains $600 million in undrawn lines of credit.