Delta Air Lines, Inc. DAL 0.25% has reported year-over-year (Y/Y) February traffic growth of 5.3 percent on a capacity increase of 6.0 percent. In a press release, Delta emphasized the strong environment for airlines.

“Across all entities, booking trends into the peak leisure season are strong and corporate demand remains solid as higher volumes continued to offset lower yields,” the company said.

The positive numbers are reassuring to airline investors, but Buckingham Research analyst Daniel McKenzie urges traders to keep the February numbers in perspective. Last year, the airline industry cancelled 5.4 percent of its flights due to weather, making for an extremely easy comp. In addition, the Leap Day means one extra day of travel this February.

McKenzie noted that JetBlue Airways Corporation JBLU 1.21% is most at risk of having its February data misinterpreted by the market. A 20 percent February capacity increase for JetBlue, when adjusted for flight cancellations and the Leap Day, would only end up being…

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