Southwest Airlines reports first quarter profit

Southwest Airlines reported its first quarter 2016 results, with net income, excluding special items, of US$567m compared with first quarter 2015 net income, excluding special items, of US$451m. The airline posted first quarter GAAP net income of US$511m compared with first quarter 2015 GAAP net income of US$453m and first quarter GAAP operating income of US$944m. Excluding special items, Southwest Airlines reported first quarter operating income of US$952m, resulting in a strong first quarter operating margin of 19.7%. Free cash flow was US$1.2bn in the first quarter of fiscal 2016.