US low-fare carrier JetBlue has delivered its first quarterly profit since the start of the pandemic in 2020.
The airline, which runs transatlantic services from Heathrow and Gatwick, reported an adjusted pre-tax profit of $118 million for the third quarter against $239 million in the equivalent summer three months 2019.
However, JetBlue reported an 86% year-on-year rise in fuel prices in the quarter. It has hedged about 27% of its fuel consumption for the current quarter of the year.
Chief executive Robin Hayes said: “For the third quarter, we reached an important milestone in our recovery as we generated our first quarterly adjusted profit since the start of the pandemic.
“Looking ahead, we expect our profitability to carry through to another solid quarter of mid-single-digit pre-tax margins in the fourth quarter, and we’ll look to expand on that further in 2023 as we continue to restore our earnings power.”
He added: “We continue to see a growing appetite for JetBlue’s unique customer value proposition of low fares and great service. With ample runway for growth ahead of us, we remain focused on execution and value creation for all our stakeholders.”
Hayes welcomed shareholders of rival Spirit Airlines for overwhelmingly voting to approve its take over.
“Together, we’ll build a truly national low-fare challenger to the dominant big four airlines and expand our compelling combination of award-winning service and low fares to more customers across more destinations,” he said.
JetBlue chief operating officer Joanna Geraghty said: “Throughout the quarter, strong leisure and VFR demand trends carried through the peak summer and into the fall trough period.
“We see that continuing here in the fourth quarter, and we’re confident in the demand backdrop for the year-end holiday peaks.”