DALLAS (AP) — JetBlue Airways said Tuesday that it lost $255 million in the first quarter, and widespread flight cancellations in April plus the need to hire and train more pilots will delay …
DALLAS — JetBlue Airways said Tuesday that it lost $255 million in the first quarter, and widespread flight cancellations in April plus the need to hire and train more pilots will delay the company’s return to profitability.
But JetBlue struggled in April, canceling 10% of its flights. The company blamed its problems on an increase in pilots leaving, bad weather in Florida and New York, air-traffic control delays and other factors. Hayes said JetBlue will further trim planned growth in its summer schedule “to get the operation back on track,” and that will delay JetBlue’s return to profitability until the second half of this year. JetBlue previously said it would cut its May schedule by up to 10%.
“While we’ve been willing to look through a quarter or two of operational strain in the past, our confidence in management’s ability to wrestle back under control is low,” JPMorgan analyst Jamie Baker said in a note to clients. He lowered his rating on JetBlue’s stock from “overweight,” or buy, to “underweight.”
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