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Southwest again bucks trend with profit=20
=09
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Reuters <http://money.excite.com/img/logo_reuters.gif> =09
Wednesday January 22, 7:21 AM EST=20
(Adds company comment in paragraph 6, details, background)
DALLAS, Jan 22 (Reuters) - Low-cost carrier Southwest Airlines Inc. (LUV
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DLU=
V>
) on Wednesday once again bucked the trend in the money-losing U.S.
airline industry, continuing its 30-year string of unbroken profits.
But the airline, the pioneer in offering customers low fares, said it
could not guarantee a profit in the first quarter of 2003 as war with
Iraq looms and demand for air travel continues to slump.
If Southwest did lose money in the first quarter, it would be the first
time in 30 years.
The Dallas-based carrier, the No. 7 U.S. airline, reported that
quarterly earnings dropped by about one-third to $42.4 million, or 5
cents per share in the fourth quarter, compared with $63.5 million, or 8
cents a share, a year earlier.
=20
<http://ae.excite.com/adclick/CID=3D000002397d9372bc00000000/acc_random=3D=
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42410084/site=3Dexcite.reuters/area=3Dmoney.news/aamsz=3D336x280> =09
In last year's fourth quarter, earnings excluding certain one-time items
totaled $32.4 million, or 4 cents a share.
For the full year 2002, Southwest earned $241.0 million or 30 cents a
share at a time when its bigger rivals lost hundreds of millions and
even billions of dollars. Two big airlines, United Airlines parent UAL
Corp. (UAL
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DUA=
L>
) and US Airways Group (UAWGQ
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DUA=
WGQ
> ) filed for bankruptcy.
"Although our fourth quarter and full year 2002 financial results are
disappointing relative to historical standards, our performance relative
to that of the industry as a whole has been excellent," said Chief
Executive James Parker.
Analysts had expected the carrier to post a profit of about 3 cents a
share for the fourth quarter, with forecasts ranging from 2 cents to 5
cents.
Southwest is the only major airline that has been consistently
profitable since the Sept. 11, 2001, attacks took a toll on demand for
air travel and decimated the industry.=20
=A92002 Reuters Limited.=20
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