Southwest Airlines reports record first quarter profit

Southwest Airlines reported its first quarter 2014 results with first quarter net income, excluding special items, of $126m, compared to first quarter 2013 net income, excluding special items, of $53m. First quarter net income of $152m, which included $26m (net) of favorable special items, compared to net income of $59m, in first quarter 2013, which included $6m of favorable special items. First quarter operating income of $215m; $242m excluding special items. The Company’s first quarter 2014 total operating revenues increased 2.0%, year-over-year, to $4.2bn, despite an estimated $45m reduction to revenues from weather-related cancellations. Operating unit revenues increased 3.1%, on a 1.1% decrease in available seat miles and a 2.6% increase in average seats per trip, all as compared to first quarter 2013.