JetBlue expects first quarter revenue to be down 4-7% in guidance revision

JetBlue in an 8K filing said it expects its first quarter revenue to be down 4.5-7.5% down year-over-year compared to its previous guidance of a 5-9% fall. It also expects cost per available seat mile (CASM) excluding fuel for the first quarter to up 8.5-9.5%, down from the previous forecast of 9-11%.  Fuel price per gallon for the first quarter is expected to be between $2.93 and $3.03, up from the previous estimate of between $2.87 and $3.02. Available seat miles (ASM) for the first quarter are expected to be down 3-4%, compared to the previous estimate of 3-6%. At the JP Morgan Industrials Conference, hosted by analysts Jamie Baker and Mark Streeter, said in their takeaway report that JetBlue management had ""used the term 'repivot' when addressing its core geographies that were put on hold in anticipation"" of its merger with Spirit Airlines, which has now been terminated. JetBlue revenue and planning head Dave Clark had said the airline had ""identified two key primary decisions"" for it to ""reduce, or remove, flying in a region."" The first is cities ""where demand has shifted away from"" such as short haul business markets. The second being market share, particularly where Spirit had ""also been flying in anticipation of a merger."" The takeaway report added that with the merger now terminated, JetBlue will ""further rationalise some of these markets."" The airline also expects New York tourism to ""fully rebound by 2025"" and will prove a ""tailwind to the business."" JetBlue is ""actively taking steps to rationalise capacity in the city"".