Gumbydammit
Well-known member
- Joined
- Feb 14, 2002
- Posts
- 95
I found this today...SWA poolies can go have a good weekend now...
Friday, October 18, 2002
Southwest orders six 737s, accelerates delivery on others
SEATTLE POST-INTELLIGENCER STAFF AND NEWS SERVICES
The Boeing Co. finally got some good news from the nation's troubled airlines yesterday, even as most reported deepening losses from operations.
.
Meanwhile, Continental, Northwest and America West all posted third-quarter losses as the industry continues to struggle.
Separately, Delta Air Lines announced it would cut as many as 8,000 more jobs.
While most of the major U.S. airlines have been asking Boeing to defer delivery of hundreds of jetliners that they don't need or can't afford, Southwest said that it has exercised options with Boeing and ordered six more 737-700s and speeded up their delivery.
Two will be delivered this quarter and four next year, Southwest said.
In addition, Southwest will accelerate delivery to this quarter of three 737-700s that were to have been delivered in 2003 and 2004.
Boeing said it accounted for the Southwest planes in its delivery forecast announced Tuesday. The company will deliver 380 jets this year and between 275 and 285 next year.
The changes announced by Southwest bring the low-fare carrier's total deliveries this year to 23. Southwest will get another 17 planes in 2003. Southwest, which operates only 737s, said it has future commitments, including options and purchase rights, for 396 Boeing 737s from 2004 through 2012.
But the news from Southwest did not help Boeing's stock. Shares slid another 52 cents yesterday, to close at $29.98. That's the lowest the stock has been since Sept. 20, 2001.
The market apparently was reacting to Boeing's third-quarter earnings report Tuesday.
With deliveries of jetliners way down because of the airline industry slump, the company said profit and revenue will be lower than anticipated next year.
That's evident from yesterday's earnings at the major airlines; Southwest was the only major airline this week to record a profit. Even so, all the major airlines that reported earnings yesterday exceeded the low expectations of Wall Street analysts.
Executives blamed their third-quarter woes on higher fuel costs, reduced spending by business travelers and the anniversary of last year's terrorist attacks, which they said caused an even steeper slump in travel demand. They said the fourth quarter, which is traditionally weaker than the third, could also be difficult because of the threat of war in Iraq.
Combined, the industry is expected to report about $1.6 billion in third-quarter losses, and more than $7 billion in losses for the year. Executives cautioned that business could get worse in the fourth quarter.
Continental said government-mandated security measures had become "burdensome." Northwest said it could not predict when it would be profitable again. America West, which received a federal loan guarantee, called the industry's crisis "unprecedented."
Earlier in the week, American Airlines reported a $924 million loss in the July-September period, and Delta Air Lines said it lost $326 million. Delta's latest round of job-cutting would leave the airline with 25 percent fewer workers than it had before last year's terror attacks.
Continental Airlines Inc.: The Houston-based carrier lost $37 million in the third quarter. The net loss of 58 cents per share compares with a profit of $3 million, or 5 cents per share, a year earlier, when Continental received federal aid after the Sept. 11 attacks.
Revenue fell to $2.18 billion from $2.22 billion a year earlier.
Northwest Airlines Corp.: The Eagan, Minn.-based airline reported a $46 million net loss for the third quarter.
The loss was equivalent to 55 cents a share, which compares with a gain of $19 million, or 20 cents per share, a year earlier.
Analysts surveyed by Thomson First Call anticipated a loss of 82 cents per share.
Revenue dropped slightly to $2.56 billion, from $2.59 billion a year earlier. The company's profit a year earlier included a one-time gain of $158 million, part of the federal government's industrywide bailout.
Southwest Airlines Co.: The Dallas-based airline said profit was halved to $75 million in the third quarter. Southwest earned 9 cents per share in the July-September period, down from $151 million, or 9 cents per share, a year earlier.
Revenue was $1.39 billion, compared with $1.34 billion in the same quarter last year, which included the Sept. 11 terror attacks and brief shutdown of the U.S. aviation system.
Excluding a one-time gain of $48 million related to the government's bailout, Southwest said it earned $50.5 million, or 6 cents per share.
America West Holdings Corp.: The parent company of the Tempe, Ariz.-based airline lost $31 million in the third quarter. America West lost 92 cents per share in the quarter that ended Sept. 30. That compared with a loss of $31.7 million, or 94 cents per share, a year earlier. Third-quarter revenue rose 6 percent to $520 million, compared with $491 million a year ago.
Friday, October 18, 2002
Southwest orders six 737s, accelerates delivery on others
SEATTLE POST-INTELLIGENCER STAFF AND NEWS SERVICES
The Boeing Co. finally got some good news from the nation's troubled airlines yesterday, even as most reported deepening losses from operations.
.
Meanwhile, Continental, Northwest and America West all posted third-quarter losses as the industry continues to struggle.
Separately, Delta Air Lines announced it would cut as many as 8,000 more jobs.
While most of the major U.S. airlines have been asking Boeing to defer delivery of hundreds of jetliners that they don't need or can't afford, Southwest said that it has exercised options with Boeing and ordered six more 737-700s and speeded up their delivery.
Two will be delivered this quarter and four next year, Southwest said.
In addition, Southwest will accelerate delivery to this quarter of three 737-700s that were to have been delivered in 2003 and 2004.
Boeing said it accounted for the Southwest planes in its delivery forecast announced Tuesday. The company will deliver 380 jets this year and between 275 and 285 next year.
The changes announced by Southwest bring the low-fare carrier's total deliveries this year to 23. Southwest will get another 17 planes in 2003. Southwest, which operates only 737s, said it has future commitments, including options and purchase rights, for 396 Boeing 737s from 2004 through 2012.
But the news from Southwest did not help Boeing's stock. Shares slid another 52 cents yesterday, to close at $29.98. That's the lowest the stock has been since Sept. 20, 2001.
The market apparently was reacting to Boeing's third-quarter earnings report Tuesday.
With deliveries of jetliners way down because of the airline industry slump, the company said profit and revenue will be lower than anticipated next year.
That's evident from yesterday's earnings at the major airlines; Southwest was the only major airline this week to record a profit. Even so, all the major airlines that reported earnings yesterday exceeded the low expectations of Wall Street analysts.
Executives blamed their third-quarter woes on higher fuel costs, reduced spending by business travelers and the anniversary of last year's terrorist attacks, which they said caused an even steeper slump in travel demand. They said the fourth quarter, which is traditionally weaker than the third, could also be difficult because of the threat of war in Iraq.
Combined, the industry is expected to report about $1.6 billion in third-quarter losses, and more than $7 billion in losses for the year. Executives cautioned that business could get worse in the fourth quarter.
Continental said government-mandated security measures had become "burdensome." Northwest said it could not predict when it would be profitable again. America West, which received a federal loan guarantee, called the industry's crisis "unprecedented."
Earlier in the week, American Airlines reported a $924 million loss in the July-September period, and Delta Air Lines said it lost $326 million. Delta's latest round of job-cutting would leave the airline with 25 percent fewer workers than it had before last year's terror attacks.
Continental Airlines Inc.: The Houston-based carrier lost $37 million in the third quarter. The net loss of 58 cents per share compares with a profit of $3 million, or 5 cents per share, a year earlier, when Continental received federal aid after the Sept. 11 attacks.
Revenue fell to $2.18 billion from $2.22 billion a year earlier.
Northwest Airlines Corp.: The Eagan, Minn.-based airline reported a $46 million net loss for the third quarter.
The loss was equivalent to 55 cents a share, which compares with a gain of $19 million, or 20 cents per share, a year earlier.
Analysts surveyed by Thomson First Call anticipated a loss of 82 cents per share.
Revenue dropped slightly to $2.56 billion, from $2.59 billion a year earlier. The company's profit a year earlier included a one-time gain of $158 million, part of the federal government's industrywide bailout.
Southwest Airlines Co.: The Dallas-based airline said profit was halved to $75 million in the third quarter. Southwest earned 9 cents per share in the July-September period, down from $151 million, or 9 cents per share, a year earlier.
Revenue was $1.39 billion, compared with $1.34 billion in the same quarter last year, which included the Sept. 11 terror attacks and brief shutdown of the U.S. aviation system.
Excluding a one-time gain of $48 million related to the government's bailout, Southwest said it earned $50.5 million, or 6 cents per share.
America West Holdings Corp.: The parent company of the Tempe, Ariz.-based airline lost $31 million in the third quarter. America West lost 92 cents per share in the quarter that ended Sept. 30. That compared with a loss of $31.7 million, or 94 cents per share, a year earlier. Third-quarter revenue rose 6 percent to $520 million, compared with $491 million a year ago.
