Queens, NY – JetBlue Airways Corp.'s quarterly profit grew 50% on greater passenger volume, but the company announced plans to slow its growth in the wake of a February debacle in which an ice storm forced the cancellation of 1,700 flights and cost Chief Executive David Neeleman his job.
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Queens-based JetBlue earned $21 million. Revenue rose 19.3% to $730 million in the latest three-month period, and analysts expected revenue of $752.6 million.
JetBlue said it will take delivery of three fewer airplanes this year than planned and will sell three more. New CEO Dave Barger has said he believes JetBlue's February meltdown was caused, in part, by the fact that the company grew too fast. JetBlue still plans to take delivery of 7 new airplanes this year.
''Slowing capacity growth will allow us to strengthen our balance sheet and facilitate earnings growth,'' Mr. Barger said. [Crain's]