Southwest Airlines Q1 2014 net income sets company record

25 April 2014

Southwest Airlines Co. (NYSE: LUV) has reported record first quarter net income of USD126m, or USD.18 per diluted share, compared to first quarter 2013 net income of USD53m, or USD.07 per diluted share.

This exceeded the First Call consensus estimate of USD.16 per diluted share, and excludes special items during both periods.

Record first quarter net income of USD152m, or USD.22 per diluted share, which included USD26m (net) of favorable special items, compared to net income of USD59m, or USD.08 per diluted share, in first quarter 2013, which included USD6m (net) of favorable special items.

During first quarter 2014, the company´s fleet was reduced by five to 676 aircraft at period end. This reflects the first quarter 2014 delivery of two new Boeing 737-800s and six pre-owned Boeing 737-700s, as well as the retirement of one Boeing 737-300. In addition, the company removed 12 Boeing 717-200s from service during first quarter 2014 in preparation for transition. Additional information regarding the company´s aircraft delivery schedule is included in the accompanying tables.

Southwest operates passenger airlines that provide scheduled air transportation services in the United States. As of December 31, 2012, the company operated 694 aircraft, including 606 Boeing 737 aircraft and 88 Boeing 717 aircraft. Its website is at http://www.southwest.com.

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