JetBlue reins in growth, yields improving

JetBlue CEO Dave Barger outlined his carrier's strategy for fiscal success at last week's Bank of America Merrill Lynch Global Transportation conference with a simple message – cash flow yields sustainable growth. That’s not something JetBlue has focused on in the past, but now, for the New York-based company, it is all about cash flow. [1103 words]

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This report contains the following subheadings:

• Growth has to earn its way
• Less transcontinental flying, focus on Boston, business passengers...
• ...Caribbean and Latin America
• ...and JFK

This report contains the following charts and tables:

• JetBlue year-end free cash flow (USD mill): 2002 to 2009
• JetBlue capex reduction (USD mill): 2005 to 2010E
• JetBlue debt maturities
• JetBlue vs peers’ cash as % of TTM revenues (%): As at 31-Mar-2010
• Changes in competitive landscape in Boston: Three largest carriers (daily seats): 2001, 2005 & 2010
• JetBlue serves the most destinations from Boston
• JetBlue PRASM growth (% change year-on-year): 3Q2009 to May-2010