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Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Equity Bottom-Up

<ul>
<li>Following JetBlue's 2023 results, we refresh estimates to reflect a small operating loss and a near-$200m net loss in 2024.</li>
<li>Management is focused on cutting costs and restructuring the network, but without meaningful self-help, losses and cash burn may continue in 2025.</li>
<li>Liquidity and leverage concerns are significant for JetBlue but we highlight reduced capacity could boost commercial performance as early as 2Q, providing a glimpse of distant recovery prospects.</li>
</ul>


Following JetBlue's 2023 results, we refresh estimates to reflect a small operating loss and a near-$200m net loss in 2024.
Management is focused on cutting costs and restructuring the network, but without meaningful self-help, losses and cash burn may continue in 2025.
Liquidity and leverage concerns are significant for JetBlue but we highlight reduced capacity could boost commercial performance as early as 2Q, providing a glimpse of distant recovery prospects.


JetBlue - Profitability Distant but Scope for Recovery Prospects to Become Clearer Through 2024

Jetblue Airways

JetBlue - Profitability Distant but Scope for Recovery Prospects to Become Clearer Through 2024