JetBlue Airways (NASDAQ:JBLU) Corporation’s shares are down 6.4% in pre-market trading after it warned fourth-quarter losses would be wider than forecast.
The warning came as the carrier posted worse-than-expected third quarter losses and revenue.
“While we have been able to offset some of the costs associated with the challenging operational backdrop, the sheer magnitude of the air traffic control and weather-related delays has been staggering," Ursula Hurley, JetBlue’s chief financial officer said.
JetBlue said it lost $153 million, or 46 cents a share in the third quarter, compared to a net income of $57 million, or 18 cents a share a year ago.
Adjusted LPS was 39 cents a share, wider than the FactSet consensus estimate for a loss of 25 cents a share.
JetBlue's revenue fell 8% to $2.35 billion, below the analyst estimate of $2.38 billion.
For the fourth quarter, JetBlue expects to report an adjusted loss of 35 cents to 55 cents a share against an analyst estimate of a loss of 15 cents a share.
The carrier said it was on track to deliver around $70 million of cost savings this year.
“We continue to see healthy travel demand during peak periods and the fourth quarter holidays. However, industry capacity is outpacing domestic demand during off-peak travel periods,” said Joanna Geraghty, JetBlue’s president and chief operating officer.