The stock of JetBlue Airways (JBLU) is down 4% after the carrier reported a net loss of $104 million U.S. for the fourth quarter of 2023 and issued a weak outlook for the year ahead.
The New York-based airline reported an earnings per share (EPS) loss of $0.19 U.S. compared to a profit of $0.28 U.S. that had been expected on Wall Street.
Revenue in Q4 2023 totaled $2.33 billion U.S. versus $2.29 billion U.S. that was expected among analysts who track the company’s progress. Sales were down 3.7% from a year ago.
The net loss amounted to $104 million U.S. A year ago, the company posted a $24 million U.S. profit.
Regarding its forward guidance, JetBlue said that it expects revenue to decline 5% to 9% in the current first quarter of 2024, more than the 5.5% decline Wall Street had forecast.
Capacity in the first quarter will be down as much as 6%, said JetBlue in its earnings statement.
The carrier has been struggling with higher costs and operational challenges. A federal judge recently barred its planned acquisition of rival Spirit Airlines (SAVE) for $3.8 billion U.S.
Prior to today (Jan. 30), the stock of JetBlue Airways had fallen 30% over the last 12 months to trade at $5.50 U.S. per share.
