Maintenance costs and economy drive JetBlue Q2 profits down

Washington DC
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JetBlue Airways announces an operating profit of $102 million for the second quarter of 2013, down 22% from the same period last year.

The New York-based company's net profit declined 31% during the period, to $36 million, according to media statement today.

JetBlue president and chief executive David Barger praises the company for reporting its thirteenth consecutive quarterly profit, but acknowledges the airline's results were "negatively impacted by a sluggish economic environment and continued maintenance cost pressures".

JetBlue reports operating revenues for the period of $1.34 billion, up 4.5%, and operating expenses of $1.23 billion, up 7.5%.

The airline's passenger revenue per available seat mile (PRASM) was 11.37 cents, down 3.3%, and its cost per available seat mile (CASM) was 11.48 cents, down 0.3 percentage points.

The company carried 7.76 million revenue passengers during the quarter, up 5.7%, and reports 9.12 billion revenue passenger miles, up 7.3%. Load factor for the period was 0.4 percentage points lower, at 84.9%.

JetBlue ends the quarter with $333 million in cash and cash equivalents.