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JetBlue posts $13 million profit

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DC-9 Evangelist
Dec 12, 2001
NEW YORK (Reuters) - JetBlue Airways Corp. (NasdaqNM:JBLU - news), the newly public start-up airline flying out of Kennedy Airport, posted a first-quarter profit of $13 million, joining low-cost carrier Southwest Airlines (NYSE:LUV - news) in bucking the trend of huge industry losses.

JetBlue said its earnings per share were 34 cents compared with $6.7 million or 21 cents per share in the year-earlier period. Operating revenues rose 109 percent to $133.4 million in the quarter from a year earlier.

The nation's top eight U.S. carriers, all much larger than JetBlue, posted a combined $2.4 billion net loss in the first quarter on lower air travel demand since the Sept. 11 attacks. Only No. 7 Southwest had a profit, earning $21.4 million in the quarter.

JetBlue went public April 11, raising $158 million by selling shares at $27 each in a hugely oversubscribed offering. On Wednesday, shares closed on Nasdaq trading at $45.60. It was the hottest IPO on the roster this year.
Don't know if there is any truth to this but I heard that JetBlue is so profitable because they have yet to make a payment on their new airplanes. Airbus is known to make deals you can't refuse but this would be entirely unfair to Boeing and the airlines that fly Boeings, don't you think?
I have heard stories both ways... don't know quite what to believe as I haven't seen any evidence supporting either view.
I'm no financial expert, but I think they went public so they can raise cash for things like aircraft payments, (in addition to making themselves filthy rich).
Yeah you're right that's all an IPO really is--it's a fundraiser, with a bit more structure and rules.
Please, please, make this rumor die. JetBlue makes payments on all of its aircraft, either leased or owned. Payments are not deferred. There is no sweetheart financing. The only break JB gets on aircraft purchases is a volume discount for buying 70+ airplanes that are identically equipped. That's all, and any airline could do the same. Like it or not, those profits are legitimate. If you have further questions, read the prospectus. JB is a public company now and would have to disclose that kind of thing. Please quit spreading this rumor around.
JetBlue currently has 25 aircraft in the fleet, and another 57 are on firm order through 2007. We have already arranged an additional aircraft to lease in 2003. That means we'll definitely have at least 83 aircraft by 2007. We also have options for another 30 aircraft through 2009. In addition to all that, we have purchase rights on another 19 aircraft. If all options and rights were exercised, that would make 132 aircraft in the fleet by 2009. Hope this helps.
Nice Company Jeff G - Good Luck

Now why don't all you self serving mainline gurus jump all over the JetBlue pilots, tell them how unqualified, uneducated and inferior they are and complain about how they're stealing YOUR flying and degrading the profession because they work for peanuts?

Why don't you tell them that? Any chance it's because they happen to fly A320's and not CL65's?

Jeff G - Say your prayers regularly and hope to God that some superior "major airline" doesn't swallow your company and ruin it by making it like theirs. If they do, the only thing you'll get out of it is membership in the whiner's club and a wallet card that says "I'm better than you."
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