In what has become the theme for 2011, JetBlue reported falling profits on rising revenues with USD35 million in profits down from the USD59 million posted last year. It came in just shy of analyst expectations that projected earnings of USD36.9 million. The company generated record revenues, which jumped 16% to USD1.1 billion.

After the industry took losses in the first quarter, second and third quarter results showed promising trends with rising revenues, although they could not completely offset rising fuel. While most airlines are expected to post profits this year, including JetBlue, those profits will likely be down from 2010. Still, the trend is in a positive direction given the fact that a decade ago, before the restructuring of the industry, these companies would likely have been awash in red ink.