JetBlue Airways Corp's first-quarter profit soared as strong US domestic demand, lower fuel prices and cost controls helped its bottom line, the company reported Tuesday. The low-cost carrier earned $137 million, or 40 cents per share, versus $4 million, or 1 cent per share, a year earlier. This compared to analysts' average estimate of 39 cents per share, according to Thomson Reuters I/B/E/S.
While winter storms snarled travel in the US Northeast and Midwest last quarter, New York-based JetBlue moved around crew and aircraft so it could start flying customers immediately after storms subsided. It grew its passenger revenue per available seat mile, a measure of a plane's carrying capacity, by 4.5 percent year-over-year. "JetBlue had a strong first quarter despite challenging winter weather conditions," Chief Financial Officer Mark Powers said in a news release, adding that the company expects to "improve the balance sheet while continuing to reinvest in our business." Shares rose more than one percent in pre-market trading.