JetBlue Airways (JBLU) - Get Report profit continued its winning streak.

The airline carrier posted a profit in the second quarter -- as it did in the first quarter -- aided by cost cuts and lower fuel prices, which offset declining passengers.

During the quarter, the company earned $20 million, or 7 cents a share, compared with a loss of $9 million, or 4 cents, in the year-ago period.

Excluding an accounting gain from the valuation of some of its auction rate securities, the company's profit would have been 5 cents per share. Analysts expected a profit of 2 cents.

Revenue dropped 6% to $807 million, while passenger revenue per available seat mile fell 5.7%

The company said expenses fell 13% during the quarter and fuel prices were down 38%.

Passenger traffic in the April to June period declined 3.1%, on a 1.7% drop in capacity. Many airlines cut capacity this year by either by shrinking the number of planes in their flight, using smaller jets or decreasing the number of flights on a route.

Passenger revenue per available seat-mile is expected to decrease between 8% and 11% in the third quarter, while revenue per available seat-mile is seen declining between 7% and 10%.

This is the second quarter JetBlue posted to a profit. In the first quarter, which ended March 31, the airline reported profit of $12 million, or 5 cents a share. That had been its first profit gain in the first quarter since 2005.

On Wednesday,

Delta Air Lines

(DAL) - Get Report

narrowed its loss in the second quarter

, as unit revenue saw double-digit drop.

Continental Airlines

(CAL) - Get Report


AMR Corp.


, parent of American Airlines, both posted hefty losses, and

UAL Corp.


saw its profit shrink.

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