JetBlue Airways withdrew its full-year guidance and expects soft demand to continue into the second quarter.
The New York airline on Tuesday posted a narrowed loss of $208 million, or 59 cents a share, in the quarter ended March 31, compared with a loss of $716 million, or $2.11 a share, a year earlier.
Stripping out certain one-time items, the adjusted per-share loss was 59 cents, narrower than the 63-cent loss forecast by analysts, according to FactSet.
Revenue fell 3.1% to $2.14 billion, in line with what analysts surveyed by FactSet were forecasting.
JetBlue said it wouldn't reaffirm its prior full-year guidance due to the uncertain macroeconomic environment. The airline saw falling demand in February and March, prompting it to be among the first airlines to make capacity adjustments to better match supply, it said.
The carrier is continuing to consider additional capacity reductions, targeted cost savings and further evaluation of its fleet retirement schedule, Chief Executive Joanna Geraghty said. JetBlue expects softened demand for off-peak travel to continue into the second quarter.
"We are focused on successfully managing what we can control," Geraghty said. "We are evaluating all levers available to us to boost profitability and preserve cash."
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