20-Apr-2012 3:14 PM

Southwest Airlines operating profit down 81% in 1Q2012

Southwest Airlines revenue up 29% - financial highlights for three months ended 31-Mar-2012:

  • Operating revenue: USD3991 million, +28.6% year-on-year;
    • Passenger: USD3744 million, +27.0%;
  • Total operating costs: USD3969 million, +27.0%;
    • Fuel: USD1510 million, +45.5%;
    • Labour: USD1141 million, +19.6%;
  • Operating profit: USD22 million, -80.7%;
  • Net profit: USD98 million, +1860%;
  • Passenger numbers: 25.6 million, +21.1%;
  • Load factor: 77.3%, -1.0 ppt;
  • Average aircraft stage length: 685 miles, +4.4%;
  • Average passenger fare: USD146.44, +4.9%;
  • Passenger yield: USD 15.80 cents, +2.9%;
  • Revenue per ASM: USD 13.03 cents, +2.9%;
  • Passenger revenue per ASM: USD 12.22 cents, +1.6%;
  • Cost per ASM: USD 12.96 cents, +6.2%;
  • Cost per ASM excl fuel: USD 8.03 cents, +0.8%;
  • Aircraft: 694, +26.2%;
  • Total assets: USD18,826 million, +4.2% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: USD1558 million, +87.9% when compared to period ended 31-Dec-2011;
  • Total liabilities: USD11,729 million, +4.8% when compared to period ended 31-Dec-2011. [more - original PR] [more - CAPA Analysis]

Southwest Airlines: “We have a tremendous amount of work ahead of us to complete the integration in 2014, but we are very pleased with our progress. In 2011, we produced USD80 million in net pre-tax synergies, and we produced approximately USD40 million in net pre-tax synergies in first quarter 2012, alone. We expect to realize total net pre-tax annual synergies of USD400 million in 2013 (excluding acquisition and integration expenses),” Gary Kelly, chairman of the board, president and CEO. Source: Southwest, 19-Apr-2012.

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