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Southwest Airlines operating profit down 37% in 3Q2011

21-Oct-2011 12:53 PM

Southwest Airlines revenue up 35% - financial* highlights for the three months ended 30-Sep-2011:

  • Total operating revenue: USD4311 million, +35.1% year-on-year;
  • Total operating costs: USD4086 million, +44.0%;
    • Fuel: USD1586 million, +71.3%;
    • Labour: USD1146 million, +22.2%;
  • Operating profit: USD225 million, -36.6%;
  • Net profit (loss): (USD140 million), compared to a profit of USD205 million in p-c-p;
  • Revenue passengers: 28.2 million, +23.3%;
  • Enplaned passengers: 35.0 million, +25.9%;
  • Load factor: 82.0%, +1.1 ppt;
  • Average aircraft stage length: 690 miles, +5.7%;
  • Average passenger fare: USD142.31, +7.4%;
  • Passenger revenue per RPM: USD 14.69 cents, +0.1%;
  • Revenue per ASM: USD 12.94 cents, +3.6%;
  • Passenger revenue per ASM: USD 12.05 cents, +1.6%;
  • Cost per ASM: USD 12.26 cents, +10.5%;
  • Cost per ASM excl fuel: USD 7.50 cents, +0.4%;
  • Aircraft delivery schedule:
    • 2011**: Two B737-700s;
    • 2012: 33 B737-800s;
    • 2013: 31;
    • 2014: 35;
    • 2015: 27;
    • 2016: 38;
    • 2017: 22;
    • Through 2021: 98;
  • Total assets: USD17,885 million, +15.7% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: USD1016 million, -19.4% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD11,400 million, +23.6% when compared to period ended 31-Dec-2010. [more – original PR]

*Includes the results of operations and cash flows for AirTran from 02-May-2011 through 30-Sep-2011
**The company has already taken delivery of 18 B737-700s through 19-Oct-2011

Southwest: “Excluding fuel and special items in both periods, third quarter 2011 unit costs decreased 1.2% from third quarter 2010. Excluding fuel and special items in both periods, third quarter 2011 unit costs increased 1.5% from third quarter 2010's combined USD7.27 cents. Based on current cost trends, the company expects another modest year-over-year increase in its fourth quarter 2011 unit costs, compared to fourth quarter 2010's combined unit costs of USD7.72 cents, excluding fuel and special items in both periods.” Company statement. Source: Southwest, 20-Oct-2011.