JetBlue Airways (NASDAQ:JBLU) shares rose nearly 6% premarket after the airline reported strong second-quarter 2024 results that beat analyst expectations.
The airline posted an adjusted earnings per share (EPS) of $0.08, much higher than the expected loss of $0.13.
Revenue reached $2.43 billion, above the forecast of $2.4 billion.
Despite a 6.9% year-over-year drop in operating revenue, JetBlue surpassed its targets.
Operating expenses decreased slightly by 0.1%, while the cost per available seat mile (CASM) rose by 2.6%.
"We closed the first half of 2024 with meaningful year-over-year improvements in our operation and exceeded our second quarter guidance through strong execution, early evidence the changes we are implementing as part of our refocused strategy are yielding positive benefits," said Joanna Geraghty, JetBlue's chief executive.
"Today, and as the year progresses, we are excited to share more details about JetForward, our strategic framework to return JetBlue to sustained profitability, and the four priority moves aimed at driving significant value over the coming years."
The budget carrier said it was aiming for $800-$900 million of incremental EBIT by 2027 through customer service enhancements and cost optimizations.
Ahead of the bell, the stock was up 35 cents at $6.28.