JetBlue had barely been flying for 18 months when 9/11 happened. It's hard to conceive a less opportunistic time to start an airline, yet JetBlue was the only airline to turn a profit in the downturn.

JetBlue, Exception Among Airlines, Is Likely to Post a Profit - NYTimes.com

While the airline industry has historically never been a cash cow for investors, good management and sound business plan go a long way.