JetBlue Airways's stock jumped 5% early Thursday, after the discount airline raised guidance for the third quarter and said it benefited from improving in-month bookings, among other factors.
The company is now expecting revenue to be down 2.5% to up 1%, compared with prior guidance of down 5.5% to down 1.5%. It expects available seat miles to be down 5% to 3%, versus prior guidance of down 6% to down 3%. On the cost side, the airline expects CASM, or cost per available seat mile, excluding fuel, to be up 5% to 7%, versus prior guidance of up 6% to 8%.
Fuel price per gallon is expected to range from $2.70 to $2.80, versus prior guidance of $2.82 to $2.97. The stock has fallen 9.4% in the year to date, while the S&P 500 has gained 15.7%.
