JetBlue meets expectations on 9.5% drop in 4Q earnings

JetBlue Airways reported Thursday a 9.5% drop in net earnings for the fourth quarter, but met Wall Street expectations as revenues grew half as fast as operating expenses.

The New York-based carrier’s earnings of 50 cents per diluted share beat predictions of 49 cents from analysts polled by S&P Global Market Intelligence.

Net income of $172 million for October, November and December compared to $190 million for the same period a year earlier.

The results came on a 3% gain in operating revenues, to $1.6 billion. But operating expenses grew 6.5%, to $1.3 billion, led by higher maintenance costs and higher salaries.

The yield per passenger mile during the quarter fell 3.1%, to 13.2 cents. And the passenger revenue per available seat mile fell 1.7%, to 11.19 cents.

“We are focused on achieving the operational and financial excellence that will give us the platform to grow our culture even further than the 100 destinations we serve today,” CEO Robin Hayes said in a statement.