NEW YORK (AP) — JetBlue said Thursday that its fourth-quarter profit nearly tripled on a sharp increase in passengers and milder weather that allowed the New York airline to run many more flights on schedule.
The results topped Wall Street estimates. JetBlue shares rose 23 cents, or 4.1 percent, to $5.80 in afternoon trading.
Net income rose to $23 million, or 8 cents per share, in the three months ended Dec. 31. That's up from $8 million, or 3 cents per share, a year earlier.
Revenue rose 22 percent to $1.15 billion. Higher ticket prices and fees drove its yield up 11 percent. The 2011 quarter compares with the last quarter of 2010, when a big winter storm that walloped its bases in New York and Boston cost JetBlue $30 million.
Analysts expected earnings of 4 cents per share on revenue of $1.13 billion, according to FactSet.
JetBlue Airways Corp. said traffic in the last three months of the year rose 11 percent as it added new destinations and flights.
JetBlue's results echo earnings growth at most other U.S. airlines. Delta Air Lines Inc. and US Airways Group Inc. both reported better-than-expected fourth-quarter earnings on Wednesday, capping two straight years of annual profits.
The parent company of United and Continental airlines posted a narrower fourth-quarter loss Thursday, as the cost of integrating the two carriers fell. Southwest Airlines Co. reported higher net income last week.
For all of 2011 JetBlue earned $86 million, or 28 cents per share, down from $97 million, or 31 cents per share, in 2010. It made about $21 per passenger in extra fees last year, up 8 percent from a year ago. That was mostly due to fees for roomier seats and speedy security passes. The airline also said it saw significant improvement in revenue from its frequent-flier program and vacation packages.
JetBlue also said that its long-standing focus on expansion in Boston and the Caribbean is still paying off. The airline, which mostly serves vacationers and other leisure travelers, said about one in three customers out of Boston is now traveling for work. Business travelers are critical to airlines because they travel more often and are a steadier source of revenue than leisure fliers.
JetBlue also said that while it expanded in the Caribbean, other airlines have been pulling back, setting the stage for fare increases and a better control of the market.
But it's not growing anywhere else. JetBlue has been content to expand many destinations it offers through partnerships. It now has 15 agreements with other airlines that allow passengers to fly both airlines on a single ticket. It expects to add up to seven more partners this year.
The airline said that although 2012 is off to a strong start, it will have significant maintenance expenses this year. That's because a slew of planes it bought during its rapid expansion in 2000 are now due for extensive inspections.
JetBlue ended the year with a fleet of 169 aircraft. It expects to take delivery of 11 planes this year.
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