Southwest Airlines posts $140 million net loss for 3rd quarter

Southwest Airlines reported a third quarter 2011 net loss of $140 million which included $262 million (net) of unfavorable special items.  This compared to net income of $205 million for third quarter 2010, which included favorable special items totaling $10 million (net).  The Company’s operating income was $225 million for third quarter 2011, compared to $355 million for third quarter 2010.  Excluding special items, third quarter 2011 net income was $122 million compared to net income of $195 million in third quarter 2010. the Company’s third quarter 2011 results include $227 million (net) in unrealized, noncash mark-downs relating to a portion of the Company’s fuel hedges for future periods.  Actual net cash settlements paid to counterparties for the Company’s third quarter 2011 hedging activities were $13 million.