JetBlue Stock Surges 11.6% in 2023 Amid Rising Ticket Demand and Reduced Loss Forecast
JetBlue Airways reports a surge in ticket bookings and lowers its 2023 loss forecast, signaling strong travel demand and operational success during peak holiday periods.
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Highlights
- JetBlue revises 2023 loss guidance downward due to robust travel demand.
- Bookings since late October have significantly exceeded projections.
- The airline achieved a 99.9% flight completion rate in November and 100% during the Thanksgiving peak.
JetBlue Airways (JBLU) experienced an intraday share price increase of over 11.6% following its announcement of a lowered full-year loss forecast fueled by soaring ticket sales.
The airline adjusted its anticipated 2023 losses to a range of $0.40 to $0.50 per share, improved from the previous estimate of $0.45 to $0.65. Additionally, JetBlue raised its revenue growth outlook to 4%-5%, up from the earlier 3%-5% estimate.
In a regulatory filing, JetBlue emphasized that travel demand remains strong, with close-in bookings surpassing expectations since late October across both peak holiday and off-peak travel periods.
Operationally, JetBlue maintained impressive performance, completing 99.9% of scheduled flights in November and achieving a perfect completion rate during the Thanksgiving holiday rush.
JetBlue is currently engaged in a legal dispute with the U.S. Department of Justice concerning its $3.8 billion acquisition of Spirit Airlines. A recent court suggestion indicated the merger might proceed if JetBlue agrees to divest additional assets.
As of 12:45 p.m. ET, JetBlue shares traded at $5.28, marking an 11.6% gain, though the stock remains down 18.8% year-to-date.
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