JetBlue Airways Corporation (NASDAQ:JBLU) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 24, 2018 • 10:00 am ET


JetBlue Airways Corporation (NASDAQ:JBLU) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Good morning. My name is Karina, I would like to welcome everyone to the JetBlue Airways' First Quarter 2018 Earnings Conference Call. As a reminder, today's call is being recorded. At this time, all participants are in a listen-only mode.

I would now like to turn the call over to JetBlue's Director of Investor Relations, David Fintzen. Please go ahead.

David Fintzen

Thanks, Karina. Good morning, everyone. Thanks for joining us for our first quarter 2018 earnings call. This morning, we issued our earnings release, our investor update and a presentation that we'll reference during this call. All of those documents are available on our website at, and have been filed with the SEC.

Joining me here in New York to discuss our results are Robin Hayes, our President and CEO; Marty St. George, EVP, Commercial and Planning; and Steve Priest, our EVP and Chief Financial Officer. This morning's call includes forward-looking statements about future events. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, and therefore, investors should not place undue reliance on these statements.

For additional information concerning factors that could cause results to differ from forward-looking statements, please refer to our press release, 10-Q and other reports filed with the SEC. Also, during the course of our call, we may discuss several non-GAAP financial measures. For a reconciliation of these non-GAAP measures to GAAP measures, please refer to the tables at the end of our earnings release, a copy of which is available on our website.

And now I'd like to turn the call over to Robin Hayes, JetBlue's President and CEO.

Robin Hayes

Good morning, and thank you for joining us. This morning, we reported our results for the first quarter of 2018. I'll start with our thank you to our nearly 22,000 crew members who continue to take care of our customers and produce solid financial results for our owners. You have once again done an exceptional job safely managing through the many most storms that hit in the Northeast during the first quarter and into early April.

We've all been keeping the family and friends of Jennifer Riordan in our thoughts and prayers. And our hearts go out to our colleagues and friends at Southwest Airlines. Southwest is a great airline. And like ours, their amazing team wakes up every day committed to the safety of their customers and of each other. As an industry, US airlines have made immense strides in safety over the last decades, and this will continue to be our primary focus.

Now starting on Slide 4 of our presentation. This morning, we reported first quarter operating income of $128 million, a pretax margin of 6.3% and earnings per share of $0.27. We are making good progress on our many building blocks. These are commercial and cost initiatives that we believe will take us from about -- from above average industry margins today to our goal of superior goal of superior margins and drive value for our