Transportation
JetBlue Tumbles Most Since 2020 on Latin America Misstep
- Carrier sees lower-than-expected revenue, higher expenses
- Guidance ‘not nearly as strong’ as competitors’, analyst says
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JetBlue Airways Corp.’s shares fell the most since the early days of the pandemic after the carrier forecast worse-than-expected sales this quarter, blaming excess flying capacity in the critical Latin America market.
Second-quarter revenue will decline as much as 10.5% year over year, the carrier said in a statement Tuesday as it reported first-quarter earnings. Analysts were expecting a drop of 3.8% on average, according to estimates compiled by Bloomberg. Non-fuel unit costs, including expenses from a new pilot contract, will climb as much as 7.5%, more than Wall Street had anticipated.