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JetBlue Airways Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 1, 2012 06:31AM

JetBlue Airways Corp. (JBLU) filed Quarterly Report for the period ended 2012-09-30. Jetblue Airways Corporation has a market cap of $1.49 billion; its shares were traded at around $5.29 with a P/E ratio of 11.4 and P/S ratio of 0.3. Jetblue Airways Corporation had an annual average earning growth of 6.6% over the past 10 years.



Highlight of Business Operations:

Our operating revenue per available seat mile for the third quarter quarter increased 1% over the same period in 2011. Our average fares for the quarter remained relatively flat as compared to 2011 at $154, and our load factor increased 0.3 points to 84.8% from a year ago. Our on-time performance, defined by the Department of Transportation, or DOT, as arrival within 14 minutes of schedule, was 77.2% in the third quarter quarter of 2012 compared to 72.4% for the same period in 2011; our completion factor was 99.6% and 97.2% in 2012 and 2011, respectively. The increase in completion factor was primarily a result of favorable operating conditions in the Northeast during 2012. As a result, we flew more available seat miles, or ASMs, than expected, improving our cost per available seat mile, excluding fuel, during the quarter.

We reported net income of $45 million for the three months ended September 30, 2012 compared to $35 million for the three months ended September 30, 2011. Diluted earnings per share were $0.14 for the third quarter quarter of 2012 compared to $0.11 for 2011. Our operating income for the three months ended September 30, 2012 was $113 million compared to $108 million for the comparable period in 2011, and our pre-tax margin increased 1.0 point from 2011 to 5.6%.

Operating Revenues. Operating revenues increased 9%, or $113 million, over the same period in 2011, primarily due to a 10%, or $107 million, increase in passenger revenues. The increase in passenger revenues was largely attributable to a 9% increase in capacity along with a 1% increase in yield and a 0.3 point increase in load factor as compared to the third quarter quarter of 2011. Revenue from our Even More offering increased approximately $5 million.

Operating Revenues. Operating revenues increased 13%, or $430 million, over the same period in 2011, primarily due to a 14%, or $422 million, increase in passenger revenues. The increase in passenger revenues was largely attributable to a 9% increase in capacity along with a 3% increase in yield and a 1.9 point increase in load factor as compared to the same period in 2011. Revenue from our Even More offering increased approximately $22 million.

At September 30, 2012, we had unrestricted cash and cash equivalents of $542 million and short-term investments of $522 million compared to cash and cash equivalents of $673 million and short-term investments of $553 million at December 31, 2011. Cash flows from operating activities were $541 million and $500 million for the nine months ended September 30, 2012 and 2011, respectively. The increase in operating cash flows reflects the 2% increase in average fares and 9% increase in capacity offset by the 1% higher price of fuel in 2012 compared to 2011. As of September 30, 2012, our unrestricted cash, cash equivalents and short-term investments as a percentage of trailing twelve months revenue was approximately 22%, which we believe is among the best in the industry. We rely primarily on operating cash flows to provide working capital for current and future operations.

Read the The complete Report



Stocks Discussed: JBLU,
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