Southwest Airlines (NYSE:LUV) got no love today from its earnings report, as the company reported net income in the first quarter below analysts’ estimates.
Net income for Southwest Airlines dropped to $5 million, or 1 cent a share, against $11 million or 1 cent a share last year in the same quarter, a drop of 54.5 percent.
Revenue for the quarter jumpted to $3.1 billion, an 18 percent boost.
Analysts on average had been looking for a gain of 3 cents a share.
Chairman, CEO and President Gary C. Kelly, said, “While escalating jet fuel prices and inclement weather challenged our first quarter profitability, our people prevailed.”
The airline's major competitors include Alaska Air (NYSE:ALK), AMR Corporation (NYSE:AMR), Delta Air Lines(NYSE:DAL), United Continental (NYSE:UAL), US Airways (NYSE:LCC), AirTran Holdings (NYSE:AAI) and JetBlue (NASDAQ:JBLU).
Southwest Airlines was trading at $11.44, down $0.19, or 1.63 percent, as of 11:55 AM EDT
Thursday, April 21, 2011
No Earnings Love for Southwest (LUV)
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