JetBlue Airways (JBLU) said first-quarter earnings soared above Wall Street expectations, reflecting a boost in fares that helped offset rising oil prices.
The discount carrier also announced the appointment of Mark Powers as its permanent chief financial officer. Powers has been serving as interim CFO since October.
The Long Island City, N.Y.-based airline reported net income of $30 million, or 9 cents a share, compared with a year-earlier $3 million, or a penny. Analysts were expecting a slightly smaller profit of 8 cents, according to a Thomson Reuters poll.
Revenue for the three-month period was up 19% to $1.2 billion, virtually matching the Street’s view of $1.19 billion. The gains were led by a 14.2% increase to 7.91 billion in revenue passenger miles on a 12% increase in capacity.
"Despite an uncertain economic environment, we delivered record revenue performance and fully offset the increase in fuel costs with higher revenues,” JetBlue CEO Dave Barger said in a statement.
JetBlue recorded a 10% increase in realized fuel price to $3.25 a gallon. Its fuel expense reflects $9 million in gains related to fuel hedges.