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Duane Fenningworth

Senior Managing Director and Fundamental Research Analyst at Evercore Inc.

Duane Pfennigwerth is a Senior Managing Director and Fundamental Research Analyst at Evercore ISI, specializing in equity research coverage of global airlines and lodging, with a particular focus on U.S. low-cost and legacy carriers as well as select airlines in Latin America and Europe. He covers over 20 companies, including major names like American Airlines, Delta Air Lines, and Hilton Worldwide, and is recognized for a strong performance track record—ranking No. 2 in the airlines category in the Extel All-America Research Team for both 2024 and 2023, with a documented analyst success rate of around 61% and an average return per recommendation above 7%. Pfennigwerth began his analyst career at Raymond James before joining Evercore ISI in 2011 and holds an MBA from Emory University, a B.S. in Industrial Engineering from Georgia Tech, and the CFA charter. He is also FINRA-registered and has earned recognition from outlets such as the Wall Street Journal and Financial Times for his stock picking and industry expertise.

Duane Fenningworth's questions to JETBLUE AIRWAYS (JBLU) leadership

Question · Q3 2025

Duane Fenningworth from Evercore Inc. requested an update on GTF engine impacts, including the forecast for grounded aircraft in 2026, and whether Pratt & Whitney compensation is included in 2025 results. He also asked for clarification on the implementation timing of JetBlue's domestic first class product, including completion targets for year-end 2026 and overall.

Answer

Ursula Hurley, CFO of JetBlue Airways, reported improved GTF challenges, with the average number of aircraft on the ground (AOG) for 2025 projected at nine (currently six), peaking in 2025 and reducing to low to mid-single digits in 2026. She confirmed that 2025 guidance does not assume any Pratt & Whitney compensation, as discussions are ongoing. Hurley explained that the domestic first class product will be outfitted on all approximately 250 non-Mint aircraft. She stated that about 25% of the fleet is expected to be complete by the end of 2026, with the "overwhelming majority" completed by the end of 2027, and the first equipped aircraft flying in the second half of 2026.

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