JetBlue Airways Corp reported a lower first-quarter profit on Thursday, citing weak demand and higher costs.
Earnings came to $14 million, or 5 cents a share, compared with $30 million, or 9 cents a share, a year earlier, the company said on Thursday.
Quarterly revenue rose 8 percent to $1.3 billion, but operating costs climbed 11 percent. Costs for fuel rose 8 percent and expenses for maintenance materials and repairs were up nearly 30 percent.
In a statement, JetBlue said weak demand in the wake of last year’s Superstorm Sandy hurt travel during the Presidents’ Day holiday.
The company said it expects costs to rise in the current quarter.
Copyright (2013) Thomson Reuters.