JetBlue reports 4Q15 and full year results

JetBlue Airways has revealed its results for the fourth quarter (4Q15) and full year 2015 featuring a net income of $677 million, compared with the 2014 net income (excluding special items) of $232 million.

On a GAAP basis, net income was $401 million in 2014, which benefited from the sale of JetBlue’s wholly-owned subsidiary LiveTV to Thales.

Net income in 4Q15 was $190 million, compared with 4Q14 net income excluding special items of $87 million. On a GAAP basis, net income was $88 million in 4Q14, which included income tax relating to the gain on sale of LiveTV.

JetBlue reported record fourth quarter operating revenues of $1.6 billion. Yield per passenger mile in 4Q15 was 13.62 cents, down 3.6% compared with 4Q14. Passenger revenue per available seat mile (PRASM) for 4Q15 decreased 1.9% year over year to 11.39 cents and operating revenue per available seat mile (RASM) decreased 0.2% year over year to 12.62 cents.

Operating expenses for 4Q15 decreased 1.1%, or $13 million, from 4Q14. JetBlue’s 4Q15 operating expense per available seat mile decreased 10.4% year over year to 10.01 cents. Excluding fuel and profit sharing, 4Q15 CASM increased 0.7% to 7.29 cents.

“We posted another strong quarter, producing above industry average revenue performance and running a safe and reliable operation. I want to thank all our 18,000 crewmembers for their terrific efforts throughout the year,” said Robin Hayes, JetBlue’s president and CEO.

JetBlue continues to have no hedges in place for the first and second quarters of 2016. Based on the fuel curve as of 15 January 2016, JetBlue expects an average price per gallon of fuel, including the impact of fuel taxes, of $1.12 in 1Q16. Beyond 2Q16, JetBlue has hedged about 10% of its expected second half of the year 2016 fuel consumption.

JetBlue ended 4Q15 with $876 million in unrestricted cash and short term investments, or about 14% of trailing twelve month revenue. In addition, JetBlue maintains approximately $600 million in undrawn lines of credit.

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