On Thursday afternoon, JetBlue announced second-quarter net income of $14.6 million, up 37% from the $10.7 million it booked in the year-ago quarter. Earnings per share came in at 33 cents, even with last year, but 8 cents higher than analysts' estimates.
This is a marked departure from the rest of the airline industry, which lost nearly $1.4 billion in during the second quarter, following a $2.4 billion loss in the first quarter. Last week's quarterly reports from
were awash in red ink.
Unlike other carriers, JetBlue wasn't plagued by a decline in revenue, with second-quarter revenue coming in at $149.3 million, up 90% from the year-ago quarter. Every major airline, including
, posted second-quarter revenue declines due to deep discounting of ticket prices and weak demand.
"I am very proud of JetBlue's performance in our sixth consecutive profitable quarter," said CEO David Needleman in a press release. "These strong results demonstrate JetBlue's ability to offer profitably a superior travel experience at low fares."
While the rest of the industry struggles to reduce capacity and raise ticket prices, JetBlue has been able to use its low-cost model to undercut the competition while adding flights. In the second quarter, JetBlue said capacity was double the same period a year earlier and up 20% from the first quarter.
As can be expected at a fast-growing airline, JetBlue's overall operating costs rose more than 80%, but the company's cost per available seat mile dropped to 6.29 cents, the lowest level in company history.