Southwest Airlines reports fourth quarter results

Southwest Airlines reported that fourth quarter 2011 net income was $152m, which included $86m (net) of favorable special items. This compared to net income of $131m for fourth quarter 2010, which included favorable special items totaling $16m (net). Excluding special items, fourth quarter 2011 net income was $66m, compared to net income of $115m in fourth quarter 2010. For the full year 2011, net income was $178m, which included $152m (net) of unfavorable special items. This compared to $459m for full year 2010, which included $91m (net) of unfavorable special items. Excluding special items, full year 2011 net income was $330m compared to net income of $550m for full year 2010.