JetBlue, rebounding after the proposed merger with Spirit Airlines was denied, has eked out a small surprise profit in the second quarter.  The carrier reported net earnings of $25 million during the quarter or $0.07 per diluted share.  The company reported $2.4 billion in revenues, down 6.9% year-over-year.  Revenue per Available Seat Mile or RASM declined 4.4% to 14.38 cents. As margins narrowed, the cost per Available Seat Mile or CASM was up 2.6% to 14.04 cents.  As a result, operating income of $57 million was down 75.9% from 2023’s $235 million.  This comes after a difficult first quarter for the carrier.
Notwithstanding the mediocre performance, the results exceeded Wall Street expectations and company guidance as the company implemented its JetForward strategy.  CEO Joanna Geraghty stated, “We closed the first half of 2024 with meaningful year-over-year improvements in our operation and exceeded our second quarter guidance through strong execution, early evidence the changes we are implementing as part of our refocused strategy are yielding positive benefits. Today, and as the year progresses, we are excited to share more details about JetForward, our strategic framework to return JetBlue to sustained profitability, and the four priority moves to drive significant value over the coming years.
