JetBlue June load factor rises, and so does its fuel cost estimate
JetBlue Airways Corp. reported June load factor that rose 150 basis points (1.5 percentage points) to 87.0%, as a 7.8% rise in traffic outpaced a 5.9% increase in capacity. The air carrier raised its outlook for second-quarter per-gallon fuel costs to $2.28 to $2.30, compared with an estimate provided in April of $2.23, and the first-quarter realized fuel price of $2.09 a gallon. Separately, JetBlue affirmed its second-quarter outlook for revenue per available seat mile, to decline about 120 basis points, or to a range of down 2.5% to down 0.5%. The stock, which was still inactive in premarket trade, has dropped 13.7% year to date, while the NYSE Arca Airline Index has lost 14.5% and the S&P 500 has gained 3.8%.