Above: a Southwest Airlines plane
By the Caribbean Journal staff
Southwest Airlines reported a profit in the third quarter, the air carrier announced this week.
Third quarter net income, excluding special items, was $382 million, the company said, up from $241 million in the third quarter of 2013, or a 61.8 percent increase.
“We are very pleased to report another record quarterly profit performance, which resulted in a $100 million third quarter 2014 profitsharing expense for our Employees,” said Gary C Kelly, chairman of the board, president and CEO of Southwest Airlines.
Excluding special itmes, net income was $382 million in the third quarter, with operating income at $649 million.
“Our third quarter 2014 cost performance benefited from lower jet fuel prices and our fleet modernization efforts,” Kelly said. “With these trends continuing, we are poised for another solid cost performance for fourth quarter 2014. Based on current cost trends, and excluding fuel and oil expense, profitsharing, and special items, we expect full year 2014 unit costs to increase approximately two percent compared to last year.”
In recent months, Southwest began its first push into the Caribbean market.