Southwest Airlines Co. (LUV) posted first-quarter net income of $59 million, or $0.08 per share, which included $6 million (net) of favorable special items. This compared with the prior year net income of $98 million, or $0.13 per share, including $116 million (net) of favorable special items.
Excluding items, quarterly net income was $53 million, or $0.07 per share. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.02 for the quarter. Analysts' estimates typically exclude one-time items.
The firm clocked total operating revenues of $4.08 billion, compared with the prior-year figure of $3.99 billion, and matched consensus estimates of $4.08 billion.
"Based on market prices as of April 22nd, second quarter 2013 economic fuel costs, including fuel taxes, are expected to be in the $3.00 to $3.05 per gallon range, well below second quarter 2012's $3.22 per gallon, including fuel taxes, and below the original forecast included in our 2013 plan", the company said in a statement.
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