JetBlue Airways Corp.'s first-quarter profit fell 12% on higher fuel costs and lower fares.
Net income dropped to $15.2 million, or 14 cents a share, from $17.4 million, or 17 cents adjusted for an October stock split, in the year-earlier quarter, the New York-based airline said. Sales rose 33% to $289 million.
JetBlue's operating margin fell to 11% in the quarter from 16% a year earlier amid competition from low-cost units such as Delta Air Lines Inc.'s Song. Fuel cost rose 37% to $49.2 million. But the company said its operating margin would be 14% to 16% in the second quarter.
Shares of JetBlue rose $3.11 to $28.82 on Nasdaq.