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Kool Aid CEO
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Associated Press
Southwest Beats Analysts' Expectations
Wednesday January 22, 8:38 am ET
Southwest Airlines Fourth-Quarter Profits Fall 33 Percent, But Beat Analysts' Expectations
DALLAS (AP) -- Southwest Airlines' profit fell 33 percent in the fourth quarter, but still exceeded Wall Street expectations. The profit bucked an otherwise gloomy trend of red ink among other major air carriers.
The Dallas-based low-fare carrier said Wednesday it earned $42.4 million, or 5 cents per share, for the quarter ended Dec. 31, down from $63.5 million, or 8 cents per share, for the same period in 2001.
Analysts surveyed by Thomson First Call expected fourth-quarter earnings of 3 cents per share.
Revenue was $1.4 billion, a 13 percent increase over $1.24 billion in the year-ago period.
For all of 2002, Southwest earned $241 million or 30 cents per share, down 53 percent from $511.1 million or 63 cents per share in 2001.
Revenue for the year dipped slightly to $5.52 billion, compared with $5.55 billion in 2001.
Airlines have suffered financially since the Sept. 11, 2001, terror attacks on New York and Washington, which triggered a brief shutdown of the U.S. aviation system.
"In the context of what has been the worst year in commercial aviation history, we are very proud and grateful to report another profitable quarter and our 30th consecutive year of profitability," James F. Parker, Southwest chief executive and vice chairman, said in a statement.
The only major U.S. carrier to remain profitable every quarter since the terror attacks, Southwest had warned in November that its streak of 46 straight profitable quarters would likely continue, but that it would be tough.
"Based on the weak 2002 revenue environment and current booking tendencies, we expect this post-September 11 revenue trend to continue through first quarter 2003," Parker said Wednesday. "And, given the added threat of war with Iraq, it is simply impossible to predict first quarter 2003 unit revenues."
Southwest Beats Analysts' Expectations
Wednesday January 22, 8:38 am ET
Southwest Airlines Fourth-Quarter Profits Fall 33 Percent, But Beat Analysts' Expectations
DALLAS (AP) -- Southwest Airlines' profit fell 33 percent in the fourth quarter, but still exceeded Wall Street expectations. The profit bucked an otherwise gloomy trend of red ink among other major air carriers.
The Dallas-based low-fare carrier said Wednesday it earned $42.4 million, or 5 cents per share, for the quarter ended Dec. 31, down from $63.5 million, or 8 cents per share, for the same period in 2001.
Analysts surveyed by Thomson First Call expected fourth-quarter earnings of 3 cents per share.
Revenue was $1.4 billion, a 13 percent increase over $1.24 billion in the year-ago period.
For all of 2002, Southwest earned $241 million or 30 cents per share, down 53 percent from $511.1 million or 63 cents per share in 2001.
Revenue for the year dipped slightly to $5.52 billion, compared with $5.55 billion in 2001.
Airlines have suffered financially since the Sept. 11, 2001, terror attacks on New York and Washington, which triggered a brief shutdown of the U.S. aviation system.
"In the context of what has been the worst year in commercial aviation history, we are very proud and grateful to report another profitable quarter and our 30th consecutive year of profitability," James F. Parker, Southwest chief executive and vice chairman, said in a statement.
The only major U.S. carrier to remain profitable every quarter since the terror attacks, Southwest had warned in November that its streak of 46 straight profitable quarters would likely continue, but that it would be tough.
"Based on the weak 2002 revenue environment and current booking tendencies, we expect this post-September 11 revenue trend to continue through first quarter 2003," Parker said Wednesday. "And, given the added threat of war with Iraq, it is simply impossible to predict first quarter 2003 unit revenues."
