Revenue rose 7% to $2.61 billion, matching analysts' forecast. JetBlue saved more than $300 million from jet fuel being cheaper than last year, but labor costs rose more than $200 million from a year ago.
But JetBlue cut its forecast of full-year earnings to between 5 cents and 40 cents per share, down from an earlier prediction of up to $1 per share. The airline said third-quarter results would range from break-even to a loss of 20 cents per share.The airline blamed up to 25 cents per share of the full-year revision to its decision toin which the airlines coordinated schedules in New York and Boston and shared revenue when selling seats on each other's flights.
JetBlue said disruptions caused by bad weather and limits on air traffic control contributed to another cut of up to 25 cents per share in the 2023 forecast. In July, JetBlue canceled more than 5% of its flights, a far higher percentage than United, Delta, American, Southwest and Alaska, according to FlightAware.
The airline is also being hurt by stronger demand for international trips, which is sapping demand for its domestic flights this summer.