JetBlue Airways has reported its results for the first quarter 2018. JetBlue has reported diluted earnings per share of $0.27.

This compares to JetBlue’s first quarter 2017 diluted earnings per share of $0.24 cents. Pre-tax income was US$110m, a decrease of 9.2% from the first quarter of 2017. Pre-tax margin was 6.3%, a 1.3 point decrease year over year. Net income was US$88m compared to US$82m in the first quarter 2017, up 7%.

First quarter 2018 revenue per available seat mile (RASM) grew 6.1%, year over year, including the net benefit from Holiday calendar placement. Operating expenses per available seat mile, excluding fuel (CASM ex-fuel) was 3.1%, within the initial guidance range, despite a lower completion factor and offset by timing of maintenance expenses.

JetBlue signed a multi-year agreement with Pratt & Whitney for the purchase and maintenance of GTF engines, as work on the Structural Cost Program continues.

JetBlue ended the quarter with approximately US$779m in unrestricted cash and short term investments, or about 11% of trailing twelve month revenue.