JetBlue Airways Corp. (JBLU) said the company's first quarter results were characterized by a very strong demand acceleration, with revenue coming in more than six points ahead of its initial view in January. Revenue declined 7.2% year over three, compared to the company's guidance of a 6% to 9% decline year over three. The company noted that this was approximately 6 percentage points ahead of the midpoint of initial forecast of an 11% to 16% decline year over three, driven by pent-up demand that materialized beyond expectations. Capacity declined by 0.3% year over three, compared to the company's guidance for capacity to decline 1% year over three. Excluding one-time items, adjusted pre-tax loss of was $400 million in the first quarter of 2022 compared to adjusted pre-tax income of $70 million in the first quarter of 2019.
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