JetBlue posts a surprise Q2 profit and will delay new planes to cut costs and rebuild the business WSB-TV Channel 2 [Video]

NEW YORK — (AP) — JetBlue Airways reported a $25 million profit for the second quarter, and executives on Tuesday described a strategy of cutting costs to rebuild the business, sending the company’s shares sharply higher.

The small profit was down 82% from a year ago, but it was a surprise to analysts who expected the New York-based airline to post a loss for the April-through-June quarter, which includes a big chunk of the peak summer travel season.

JetBlue announced that it would delay plans to buy about $3 billion worth of Airbus jetliners through 2029 as it cuts costs and hopes to generate gross profit of between $800 million and $900 million by 2027.

The shares rose 18% in late-morning trading, although they remain down two-thirds from their peak in 2021.

JetBlue has struggled as many of its planes have been grounded by the removal and inspection of Pratt & Whitney engines.

“We are working with Pratt …