Southwest Airlines reports another record quarter in 2Q2016, driven by record revenue and low fuel

Southwest Airlines Co revenue up 5% - financial highlights:

• Three months ended 30-Jun-2016:
• • Total operating revenue: USD5384 million, +5.3% year-on-year;
  • Total operating costs: USD4108 million, +2.0%;
  • • Labour: USD1639 million, +2.0%;
    • Fuel: USD903 million, -10.1%;
  • Operating profit: USD1276 million, +17.6%;
  • Net profit: USD820 million, +34.9%;
  • Revenue passengers: 32.3 million, +5.0%;
  • Enplaned passengers: 39.5 million, +4.8%;
  • Load factor: 85.6%, +1.0 ppt;
  • Average passenger fare: USD151.67 million, -3.7%;
  • Passenger yield: USD 15.00 cents, -4.6%;
  • Revenue per ASM: USD 14.09 cents, +0.6%;
  • Passenger revenue per ASM: USD 12.83 cents, -3.5%;
  • Cost per ASM: USD 10.75 cents, -2.6%;
  • Cost per ASM excl fuel: USD 8.38 cents, +1.1%;
  • Average aircraft stage length: 767 miles, +1.5%;
• Six months ended 30-Jun-2016:
• • Total operating revenue: USD10,210 million, +7.2%;
  • Total operating costs: USD7990 million, +4.3%;
  • • Labour: USD3179 million, +5.1%;
    • Fuel: USD1755 million, -6.7%;
  • Operating profit: USD2220 million, +19.0%;
  • Net profit: USD1333 million, +25.6%;
  • Revenue passengers: 60.9 million, +6.5%;
  • Enplaned passengers: 74.1 million, +6.2%;
  • Load factor: 83.2%, +0.7 ppt;
  • Average passenger fare: USD152.64, -3.2%;
  • Passenger yield: USD 15.22 cents, -4.4%;
  • Revenue per ASM: USD 13.89 cents, +0.3%;
  • Passenger revenue per ASM: USD 12.66 cents, -3.6%;
  • Cost per ASM: USD 10.87 cents, -2.4%;
  • Cost per ASM excl fuel: USD 8.48 cents, +1.0%;
  • Average aircraft stage length: 762 miles, +1.9%;
  • Total assets: USD22,447 million;
  • Cash and cash equivalents: USD2040 million;
  • Total liabilities: USD14,626 million. [more - original PR]

Southwest Airlines Co: "We are pleased to report another quarter of record profits, strong margins, and healthy cash flows. The investments we have made in our business and our network are generating significant returns. As with first quarter 2016, record operating revenues and low fuel prices were the primary drivers of our record second quarter performance. While solid traffic demand has continued into July, thus far, the fare environment remains challenging, and close-in yields have softened in recent weeks," Gary Kelly, Chairman, President and CEO. Source: Company statement, 21-Jul-2016.