JetBlue earnings up 45% with more passengers, cheaper fuel
JetBlue Airways reported a 45% rise in first-quarter earnings Tuesday with gains in passenger revenue and lower fuel prices.
The New York-based airline reported $199 million in net income for January, February and March, or 59 cents per diluted share, compared to $137 million, or 40 cents per share, for the same period a year earlier.
The earnings beat the 53 cents per share predicted by analysts polled by S&P Global Market Intelligence.
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The income came on a 6% gain in revenue, to $1.6 billion from $1.5 billion a year earlier.
Passenger revenue grew 4.9%, to nearly $1.5 billion. But the yield per passenger mile and the passenger revenue per available seat mile, which is a key industry figure, were each down 8%, the company said.
JetBlue joined other airlines in continuing to enjoy much lower fuel costs, which fell 35.8% to $215 million for the quarter. While fuel averaged $1.17 per gallon during the quarter, the airline expected the price to average $1.33 per gallon in the second quarter.
The airline flew more passengers while keeping its planes nearly as full. JetBlue increased its capacity 14.1% in revenue passenger miles, compared to the same period a year earlier. The planes flew an average of 84.2% full, a 0.1% decline from the year earlier.
"Our disciplined growth strategy continues to yield strong performance," CEO Robin Hayes said in a statement.
JetBlue tied Southwest in the American Customer Satisfaction Survey released Tuesday.