Southwest Airlines reports first quarter results

Southwest Airlines reported its first quarter 2012 results.  First quarter 2012 net income was $98m, which included $116m (net) of favorable special items.  This compared to net income of $5m, in first quarter 2011, which included unfavorable special items totaling $15m(net).  Excluding special items, first quarter 2012 net loss was $18m, compared to net income of $20m in first quarter 2011. Operating income for first quarter 2012 was $22m, compared to $114m in first quarter 2011.  Excluding special items, operating income was $10m for first quarter 2012, compared to $110m for the same period last year.