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

and

AMR Corp.

(AMR)

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

UAL Corp.

(UAUA)

saw its profit shrink.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.