JetBlue Airways Corporation (NASDAQ:JBLU) traded slightly higher on Thursday after edging past consensus marks with its Q4 earnings report.

Of note, operating revenue of $2.4B set a record for the quarter. Revenue per available seat mile increased 16.1% during the quarter, while operating expenses per available seat mile increased 28.4% during the period. JetBlue (JBLU) saw fares rise 9.9% to $216.20. Passenger revenue per available seat mile was up 23.5% to $0.1376. Departures were up 13.0% to 86,046 and the average stage length was 2.6% higher at 288 miles. Fuel costs soared 56% during the quarter to $3.70 per gallon on average.

On the balance sheet, JetBlue (JBLU) ended the quarter with $1.6B in unrestricted cash and maintained an adjusted debt to capital ratio of 52%

Looking ahead, JetBlue expects to gain further momentum in 2023 with solid revenue performance throughout the year as it executes on commercial initiatives and maintains a strong focus on cost control.

CEO outlook: “We’re excited to continue building on last year’s record performance as we look at another strong year of revenue growth, underpinned by multiple network and commercial initiatives, including strong earnings accretion from the NEA as our markets mature. We also continue to make progress on our multi-year path to grow our loyalty revenue stream as a percentage of our total revenue base and close the gap to best in class loyalty performance.”

Shares of JetBlue (JBLU) rose 1.07% in premarket action on Thursday to $8.50 vs. the 52-week trading range of $6.18 to $16.39.