JetBlue announces improved second quarter results

JetBlue reported record second quarter operating revenues of $1.3bn, an increase of 11.0% versus last year. Revenue passenger miles for the second quarter increased 10.5% to 8.50bn on a capacity increase of 5.5%, resulting in a second quarter load factor of 85.3%, an increase of 3.8 points year over year. Net income for the second quarter was $52m compared to JetBlue’s second quarter 2011 net income of $25m. JetBlue ended the second quarter with approximately $1.2bn in unrestricted cash and short term investments. In addition, JetBlue announced it has obtained a new line of credit for up to $100m with Morgan Stanley, which is secured by a portion of its short-term investments.