Southwest Airlines reports record first quarter profit in 2014

Southwest Airlines Co revenue up 2% - financial highlights for three months ended 30-Mar-2014:

• Total operating revenue: USD4166 million, +2.0% year-on-year;
• Total operating costs: USD3951 million, -1.6%;
• • Fuel: USD1314 million, -9.8%;
  • Labour: USD1275 million, +7.8%;
• Operating profit: USD215 million, +207%;
• Net profit: USD152 million, +158%;
• Revenue passengers: 25.1 million, -0.6%;
• Enplaned passengers: 30.7 million, -0.2%;
• Passenger load factor: 79.3%, +2.2 ppts;
• Average passenger fare: USD156.96, +3.1%;
• Passenger yield: USD 16.28 cents, +0.7%;
• Revenue per ASM: USD 13.67 cents, +3.1%;
• Passenger revenue per ASM: USD 12.90 cents, +3.5%;
• Cost per ASM: USD 12.96 cents, -0.5%;
• Cost per ASM excl fuel: USD 8.65 cents, +4.2%;
• Total assets: USD19,976 million;
• Cash and cash equivalents: USD1741 million;
• Total liabilities: USD12,786 million. [more - original PR]

Southwest Airlines: "I am delighted to report record first quarter earnings, which increased significantly year-over-year, despite the disruption caused by more than 7,500 of our flights canceled due to extreme weather conditions and the impact of the shift in timing of the Easter and Passover holidays. This outstanding performance was driven by record first quarter operating revenues of USD4.2 billion, and a 1.2 percent year-over-year decline in total operating costs, excluding special items, driven largely by lower fuel prices and our ongoing fleet modernisation," Gary Kelly, Chairman and CEO. Source: Company statement, 24-Apr-2014.