JetBlue will cut capacity growth to reign in fuel costs
JetBlue is trimming capacity growth for the remainder of the year to offset rising fuel prices.
Speaking during its Q2 earnings call CEO Robin Hayes said capacity will rise by less than 6% in the final quarter of the year, down by 2% compared to previous expectations.
This is down to fuel costs which surged more than 50% during the quarter from a year ago.
A second quarter loss of $120 million sent its share price tumbling and the outlook for the rest of the year is cautious.
Hayes acknowledged the disappointing numbers and said the airline ‘should not be using high fuel prices as an excuse.’
The carrier said it will shift some capacity from Long Beach to better performing transcontinental services from September.
It is also planning adjustments on ancillary revenue in the coming days which could mean fee increases or expanding its range of added fees.
JetBlue recently announced some job cuts are planned at its New York headquarters.
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