Southwest Airlines reports third quarter financial results

Southwest Airlines reported its 70th consecutive quarterly operating profit. After special charges totaling $247 million primarily related to mark-to-market adjustments on a portion of the future periods’ fuel hedge portfolio required by Statement of Financial Accounting Standard (SFAS) 133, the Company reported a third quarter 2008 net loss of $120 million. This compares to net income of $162 million, for third quarter 2007. Excluding these special charges and other special items, the Company reported third quarter 2008 net income of $69 million compared to $156 million for third quarter 2007.