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IN BRIEF / EARNINGS

JetBlue Reports 12% Decline in Profit

April 23, 2004|From Bloomberg News

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.

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