JetBlue stock rallies after upbeat revenue, capacity guidance

Shares of JetBlue Airways Corp. surged 1.8% in premarket trading Thursday after the air carrier provided an upbeat second-quarter revenue outlook, citing continued strong demand and “steadily” improving operational performance. JetBlue now expects revenue to be “at or above” the high-end of previous guidance of growth of 11% to 16% from 2019 levels. The company also raised its guidance range for growth in available seat miles, or capacity, to 2% to 3% over 2019 levels from 0% to 3%. JetBlue also raised its second-quarter outlook for fuel price per gallon to $4.08 from $3.79. The company said completion factor in May is trending above 98% from about 90% for the first three weeks of April, which was hurt by weather and air traffic control disruptions. The stock has tumbled 33.9% over the past three months through Wednesday, while the U.S. Global Jets ETF has lost 13.2% and the S&P 500 has declined 9.3%.

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