Updated from 7:49 a.m. EDTJetBlue Airways ( JBLU) reported earnings that were flat in the second quarter, making it the first carrier to report unexceptional results, but the company said its turnaround plan is on track. The New York-based low-fare airline made $14 million, or 8 cents a share, in the quarter ended June 30, compared with $13 million, or 8 cents a share, a year ago. Revenue rose 42% from last year to $612 million. Analysts surveyed by Thomson Financial were looking for a 4-cent profit on revenue of $602 million. JetBlue's shares closed down 6.4% to $11.46. JetBlue's results offered a contrast to the results from five other carriers who earlier reported strong second-quarter earnings improvements. JetBlue also forecast that for the third quarter and for the full year, it again expects to report flat earnings, with pretax profit margins of between negative 1% and positive 1%. Profit margins will be below earlier estimates as a result of higher-than-anticipated fuel costs. Additionally, while most carriers are reporting record high passenger occupancy, JetBlue's load factor declined by 5.5 percentage points in the second quarter to 79.5%, a result of rapid expansion and increased pricing. "If you charge higher fares, people travel less often," CEO David Neeleman said during a conference call. JetBlue reported rapid growth, with capacity rising by 23.2% over the same quarter a year earlier. The airline will add a total of 14 new cities in 2006, most served by its new Embraer 190 regional jets. Five Airbus A320s will be sold. Full-year capacity growth is expected to be about 20%. Neeleman said JetBlue is making strides on a recovery program initiated after it lost money in the two preceding quarters. He said the carrier is ahead of its goal for achieving a $70 million improvement in reduced costs and increased revenue.