JetBlue has reported that first quarter 2019 revenue per available seat mile (RASM) declined 3.1%, year over year, driven by holiday calendar acement, improved completion factor and certain areas of softness observed in the trough period. Excluding the 0.75 point impact from high completion factor, RASM declined 2.4% year over year, slightly better than the mid-point of our guidance range of down (3.5%) to down (1.5%).
JetBlue reported GAAP pre-tax income of US$58 million, a decline of 48.5% from US$113 million in the first quarter of 2018. Excluding the one-time costs, adjusted pre-tax income of US$70 million, a decline of 38.2% from the first quarter of 2018. Pre-tax margin of 3.1%, inclusive of the one-time costs, a 3.3 point decline from the first quarter of 2018. Adjusted pre-tax margin of 3.7%, a 2.7 percentage point decline year over year.
