JetBlue Airways Turns To Quarterly Profit
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JetBlue Airways reported a second-quarter profit Thursday despite headwinds on demand and lower revenue.
The low-cost airline posted net income of USD$20 million, or 7 cents per share, compared with a year-earlier loss of USD$9 million, or 4 cents per share.
Excluding an accounting gain from the valuation of some of its auction rate securities, profit would have been 5 cents per share.
Operating revenue fell 6 percent to USD$807 million on lower demand the industry blames on recession. Operating expenses fell 17.7 percent, or USD$107 million.
Seat-mile revenue was off 4.4 percent at 9.8 cents, while seat-mile costs, excluding fuel expenses, fell 11.2 percent to 8.8 cents.
JetBlue ended the quarter with about USD$880 million in cash and cash equivalents.
The carrier hedged about 9 percent of its fuel consumption and said it had realized "significant cash savings" from lower prices.
