Southwest Reports Q1 Earnings In-Line With Estimates

Southwest Reports Q1 Earnings In-Line With Estimates



Apr 21, 2011

Southwest Airlines (NYSE:LUV) reported Q1 EPS of $0.03 today, in-line with the consensus estimate. Revenues for the quarter increased 18% year-over-year to $3.10 billion, edging the consensus estimate for $3.09 billion.

Gary C. Kelly, Chairman of the Board, President, and Chief Executive Officer, stated, "While escalating jet fuel prices and inclement weather challenged our first quarter profitability, our People prevailed. We are very pleased to report first quarter 2011 operating income of $110 million and net income of $20 million (each excluding special items). Record monthly load factors, combined with solid passenger revenue yields, resulted in a 17.8 percent year-over-year increase in passenger revenues."