JetBlue profits surge as price of oil tanks

JetBlue announced Thursday that its fourth quarter profits had more than doubled from $87 million to $190 million.

For the year, profits for the New York-based airline rose from $401 million in 2014, to $677 million.

"We posted another strong quarter, producing above industry average revenue performance and running a safe and reliable operation," JetBlue president and CEO Robin Hayes said in a statement.

"I want to thank all our 18,000 crewmembers for their terrific efforts throughout the year."

Much of the increase in profitability can be attributed to the the dramatic fall in oil prices.

In 2015, JetBlue saved more than $550 million in fuel costs. This is the in spite of the $33 million the company lost in the fourth quarter of 2015 due to the fuel hedging activities.

According to JetBlue, the currently has no fuel hedges in place for the first and second quarters of this year.

Shares of the airlines stock are flat in early morning trading.

JetBlue will hold an investors call this morning at 10 am ET. Stay tuned for more.