JetBlue Shares Rise After Earnings Beat Estimates

JetBlue Airways Corp. shares rose 3% in Tuesday premarket trading after the company reported first-quarter earnings that beat estimates. Net income was $85.0 million, or 25 cents per share, down from $207.0 million, or 61 cents per share, last year. The FactSet consensus was 22 cents. Total revenue was $1.60 billion, down from $1.62 billion last year and below the $1.62 billion FactSet consensus. Passenger revenue per available seat mile (RASM) was down 5.8% year-over-year to 10.68 cents, and operating expense per available seat mile (CASM) was down 4.8% to 11.81 cents. JetBlue sees a second-quarter capacity increase between 4% and 6% year-over-year. RASM is expected to increase between 3% and 6% compared with last year. And CASM excluding fuel is expected to grow between 4.5% and 6.5% in the second quarter. JetBlue shares are down 3% for the year so far, but up 6.8% for the last 12 months. The S&P 500 index is up 6% for 2017.