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Southwest reports record quarterly revenue in 2Q2010

30-Jul-2010 1:35 PM

Southwest Airlines revenue jump 21% - financial/traffic highlights:

  • Three months ended 30-Jun-2010:
    • Revenue: USD3,168 million, +21.1% year-on-year;
    • Operating costs: USD2,805 million, +12.5%;
      • Labour: USD946 million, +9.6%;
      • Fuel: USD933 million, +28.5%;
      • Landing fees and other rentals: USD206 million, +15.1%;
    • Operating profit: ISD363 million, +195.1%;
    • Net profit: USD112 million, +23.1%;
    • Net operating cash flow: USD540 million, +300%;
    • Passenger numbers: 22.9 million, +0.9%;
    • Enplaned passenger: 27.6 million, +4.0%;
    • Load factor: 79.3%, +2.3 ppts;
    • Average passenger fare: USD131.82, +19.3%;
    • Passenger yield: USD 14.93 cents, +17.3%;
    • Passenger revenue per ASM: USD 12.44 cents, +21.5%;
    • Costs per ASM: USD 11.01 cents, +12.8%;
    • Costs per ASM excl fuel: USD 7.35 cents, +6.4%;
  • Six months ended 30-Jun-2010:
    • Revenue: USD5,798 million, +16.6%;
    • Operating costs: USD5,381 million, +9.8%;
      • Labour: USD1,810 million, +6.5%;
      • Fuel: USD1,754 million, +23.3%;
      • Landing fees and other rentals: USD396 million, +14.8%;
    • Operating profit: USD417 million, +471.2%;
    • Net profit: USD123 million, compared to breakeven in p-c-p;
    • Passenger numbers: 42.9 million, +1.0%;
    • Enplaned passengers: 51.3 million, +3.4%;
    • Load factor: 77.7%, +3.4 ppts;
    • Average passenger fare: USD128.60, +14.7%;
    • Passenger yield: USD 14.75 cents, +13.4%;
    • Passenger revenue per ASM: USD 12.06 cents, +20.6%;
    • Costs per ASM: USD 11.19 cents, +13.6%;
    • Costs per ASM excl fuel: USD 7.54 cents, +7.9%;
    • Total assets: USD14,987 million, +5.0% when compared to period ended 31-Dec-2009;
    • Total current liabilities: USD3,338 million, +23.9% when compared to period ended 31-Dec-2009;
    • Net operating cash flow: USD913 million, +117.4%;
    • Cash and cash equivalents: USD989 million, +4.5%. [more]

Southwest: "Given the current economic outlook and trends, we continue to approach route expansion through optimising our flight schedule rather than fleet growth. We remain committed to reaching our financial targets before we return to any significant level of fleet growth. For 2010, our capacity will remain essentially flat with last year. For 2011, we are estimating a modest year-over-year capacity increase with no fleet growth. Although it is too early to commit, at present, we have no plans to grow the fleet in 2012, either.” Gary Kelly, Chairman, President and CEO. Source: Southwest Airlines, 29-Jul-2010.