JetBlue reports 4Q and full-year profits

JetBlue Airways has announced its results for the fourth quarter and full year 2013.

Operating income for the full year was $428 million, compared with $376 million in 2012. This led to a full-year pre-tax income of $279 million – up from $209 million in 2012 – which created net income for 2013 of $168 million, a 31% increase on 2012’s net income of $128 million.

The fourth quarter (4Q13) results showed operating income of $115 million, compared with operating income of $44 million in 4Q12. Pre-tax income for 4Q13 was $77 million, considerably more than 4Q12’s figure of $1 million. Finally, 4Q13 net income was $47 million, compare with 4Q12 net income of $1 million.

“Our record fourth quarter results top off an excellent 2013 for JetBlue,” commented Dave Barger, JetBlue’s chief executive officer. “Thanks to the hard work of our 15,000 crewmembers delivering a differentiated product to our customers, margins improved as we continued to pursue profitable growth opportunities while maintaining competitive costs. As we enter 2014, we believe we are well positioned to build on our 2013 success.”

JetBlue reported record 4Q13 operating revenues of $1.4 billion, with yield per passenger mile of 14.35 cents. Passenger revenue per available seat mile (PRASM) for 4Q13 increased 5.3% year over year to 11.62 cents and operating revenue per available seat mile (RASM) increased 5.6% year over year to 12.77 cents.

Operating expenses for the quarter increased 8.7%, or $100 million, over the previous year period. Interest expense for the quarter declined 8.4%, or $5 million as a result of JetBlue's debt reduction strategy. JetBlue’s operating expense per available seat mile (CASM) in 4Q13 increased 0.4% year over year to 11.70 cents. Excluding fuel and profit sharing, CASM increased 0.6% to 7.30 cents.

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