RedDogC130
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SWA 3rd Qtr results
Southwest Airlines (NYSE:LUV - News) reported a third-quarter net loss on Thursday on charges for its employee buyout program and the shrinking value of its fuel hedge portfolio.
The U.S. discount carrier said its net loss had narrowed to $16 million, or 2 cents per share, from $120 million, or 16 cents per share, a year earlier.
During the quarter, Southwest recorded charges of $27 million for the buyout program and $12 million for a portion of its fuel hedge portfolio.
Excluding these one-time items, the airline reported a profit of 3 cents per share.
Revenue for the third quarter fell 7.8 percent to $2.7 billion.
Excluding special items, third quarter 2009 net income was $23 million, or $.03 per diluted share, compared to $69 million, or $.09 per diluted share, for third quarter 2008. The third quarter 2009 net income, excluding special items, exceeded Thomson's First Call's mean estimate of $.02 per diluted share.
Gary C. Kelly, Chairman of the Board, President, and Chief Executive Officer, stated: "I am extremely proud of our Southwest Employees. To produce a profit, excluding special items, in this environment is a remarkable accomplishment. Sixty days ago, even a modest profit seemed unattainable. Despite the continuation of a depressed economy, our People fought hard, and have staged an impressive revenue recovery from where we were in June. Our third quarter 2009 unit revenues declined 2.2 percent from a year ago, a substantial improvement from the six percent year-over-year decline experienced in second quarter. It is a true testament to their Warrior Spirits during these most challenging of times.
Southwest Airlines (NYSE:LUV - News) reported a third-quarter net loss on Thursday on charges for its employee buyout program and the shrinking value of its fuel hedge portfolio.
The U.S. discount carrier said its net loss had narrowed to $16 million, or 2 cents per share, from $120 million, or 16 cents per share, a year earlier.
During the quarter, Southwest recorded charges of $27 million for the buyout program and $12 million for a portion of its fuel hedge portfolio.
Excluding these one-time items, the airline reported a profit of 3 cents per share.
Revenue for the third quarter fell 7.8 percent to $2.7 billion.
Excluding special items, third quarter 2009 net income was $23 million, or $.03 per diluted share, compared to $69 million, or $.09 per diluted share, for third quarter 2008. The third quarter 2009 net income, excluding special items, exceeded Thomson's First Call's mean estimate of $.02 per diluted share.
Gary C. Kelly, Chairman of the Board, President, and Chief Executive Officer, stated: "I am extremely proud of our Southwest Employees. To produce a profit, excluding special items, in this environment is a remarkable accomplishment. Sixty days ago, even a modest profit seemed unattainable. Despite the continuation of a depressed economy, our People fought hard, and have staged an impressive revenue recovery from where we were in June. Our third quarter 2009 unit revenues declined 2.2 percent from a year ago, a substantial improvement from the six percent year-over-year decline experienced in second quarter. It is a true testament to their Warrior Spirits during these most challenging of times.
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