JetBlue Airways stock gains as it now expects smaller drop in Q2 revenue

Shares of JetBlue Airways (NASDAQ:) jumped Monday after the company said in a filing that it now expects a smaller drop in second-quarter revenue.

The low-cost airline’s stock is currently up 3.9% at $5.81 per share, having initially jumped to a high of $6.06 earlier in the session.

JetBlue said it has “maintained strong operational performance quarter-to-date with a completion factor of approximately 99%” and continues to experience healthy overall demand trends, in line with expectations.

“Better operational performance is driving solid cost execution in the second quarter and is further supported by recent trends in jet fuel prices, which have declined over the quarter,” the company added.

For the second quarter, JetBlue now sees a year-over-year revenue decline of -9.5% to -6.5%, down from the previous guidance of -10.5% to -6.5%.

JetBlue also now says it sees second-quarter Available Seat Miles year-over-year down between -4% and -2%, narrowed from the previous expectation of a -5% to -2% decline.

In addition, the second quarter Fuel Price per Gallon is now seen from $2.85 to $2.95, down from $2.98 to $3.13.