SWA 3rd Q profit??

[HOUMAN]

In USA TODAY the following was in the Money section about Southwest about their 3rd Quarter profit, "THANKS , UNCLE SAM: No. 1 discount carrier Southwest airlines reported its 50th-consecutive profitable quarter, saying it earned $106 million, or 13 cents a share, up 41% from the $75 million or 9 cents, it earned a year earlier. Southwest said the profit would have been $50 million, or 6 cents a share, without federal government payements to help the airlines after the 2001 terrorist attacks."

So, whats up with that?

 

[PTinbound]

The government grant of about 25 mil was for 3rd QTR LAST YEAR, 2002. In that qtr, SWA made about 75 mil but that included the 25, so they made about 50 on their own. Now, this year, 3rd qtr 2003, they made 106 on their own. So that's up 41% of the 75, but if you leave out the extra 25 from last year, profit is up over 100% of what they made on their own 3rd qtr last year. Hope that helps!

 

[HOUMAN]

Ok, that makes sense. USA TODAY was confused and reported the special item from 2002. Nice reporting. It makes you wonder about the accuracy of the rest of their money section.

 

[RightBettor]

USA Today...

Oh yeah, you mean the "McNewspaper" those bozos at USA Today are always doing dumb stuff like that. Terrible journalism. Did anyone see the article yesterday about the Baghdad Airport? There was a photo of some Iraqi Airlines airplanes sitting on the ramp with the caption "...airplanes are tuned up and ready to fly..." Well one of the 727's in the photo was missing a cockpit window (and NOT the sliding window!) It was window R-3 (behind the sliding window) I believe. Add to that a 747SP sitting behind the 727 with several of the cabin doors open and the escape slides REMOVED! Hardly "tuned up and ready to fly." Those jets look like they've been sitting around for years collecting dust.

I wonder if they even have editors at the "McPaper."