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July 25, 2013

Southwest posts $224 million second quarter profit

Southwest Airlines reported a $224 million profit for the second quarter, down 1.7 percent compared to the second quarter of 2012.

Revenues grew slightly, up 0.6 percent to $4.6 billion as the carrier increased capacity by 3.0 percent in the quarter.

"While the lingering effects of government sequestration and higher taxes continued to be a drag on air travel demand, second quarter 2013 revenues and passenger traffic still reached record levels," said Southwest chief executive Gary Kelly in a statement.

Excluding one-time accounting items, the carrier said its income was $274 million, or 38 cents per share, matching Wall Street analysts estimates, according to First Call.

Southwest said it spent $3.06 per gallon on jet fuel in the quarter, down from $3.22 per gallon in the second quarter of 2012. It expects fuel costs to be in the $3.05 to $3.10 per gallon range for the third quarter, which is also lower than what the carrier spent in that quarter last year.

Southwest executives will discuss the carrier's quarterly earnings on a webcast with investors at 11:30 a.m. CDT.

-Andrea Ahles

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