JetBlue TrueBlue - March '09 numbers reported

The LFs are not that bad (79.3%), but the drop in PRASM (-12% YoY) is worrisome from my view.

JETBLUE AIRWAYS TRAFFIC RESULTS

March 2009 March 2008 % Change
Revenue passenger miles (000) 2,246,667 2,455,292 (8.5)%
Available seat miles (000) 2,834,870 3,001,820 (5.6)%
Load factor 79.3% 81.8% (2.5) pts.
Revenue passengers 1,979,981 2,071,056 (4.4)%
Departures 18,865 18,734 0.7%
Average stage length 1,066 1,131 (5.7)%

Y-T-D 2009 Y-T-D 2008 % Change
Revenue passenger miles (000) 6,039,506 6,563,254 (8.0)%
Available seat miles (000) 7,942,489 8,395,037 (5.4)%
Load factor 76.0% 78.2% (2.2) pts.
Revenue passengers 5,290,880 5,518,098 (4.1)%
Departures 53,014 52,265 1.4%
Average stage length 1,064 1,131 (5.9)%

http://investor.jetblue.com/phoenix.zhtml?c=131045&p=irol-newsArticle&ID=1273785&highlight=

Average stage length down while number of departures is up: good. A lot fewer ASMs: good. That's the right strategy: fly more, shorter flights bringing theoretically higher RPM.

RPM sinking faster than the load factor: not good. The right, smart strategy isn't working.

They just can't get any fares to stick, it really is just wait it out and hope the economy picks up over the summer. They have been really smart with aircraft deliveries and right-sizing the fleet, ready to adjust the schedule up or down depending on demand. Let's hope the JFK construction is not too bad this month.

It appears to be an industry-wide problem. Continental's RASM for March was down about 20%...makes 12% look kinda rosy by comparison.

http://online.wsj.com/article/BT-CO-20090401-717103.html

In this case, jetBlue is probably helped by not having a first- or business-class cabin. I think there are fewer business customers willing or able to pay premium fares.

In this case, jetBlue is probably helped by not having a first- or business-class cabin. I think there are fewer business customers willing or able to pay premium fares.

Agreed. CO said as much, and noted that they have relatively small premium cabins compared to the other legacy carriers out there. It will be interesting to see the numbers from the other carriers as they come out this month.

Let's hope the JFK construction is not too bad this month.

HA!

HA!

3 more trips to JFK this month. This sort of comment is making me think about getting a horse...

3 more trips to JFK this month. This sort of comment is making me think about getting a horse...

That may be a smart idea. With weather today JetBlueFA and others had some pretty lengthy taxi times in JFK today. Not fun.