No Earnings Love for Southwest (LUV)

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

US Airways (LCC) Worst Airline for Delays

Among the long airline carriers, US Airways Group Inc. (NYSE:LCC) is ranked the worst as far as delays go, according to the U.S. Bureau of Transportation Statistics.

Next in line for the dubious honor are Delta Air Lines Inc. (NYSE:DAL) and AirTran Airways (NYSE:AAI), which were tied for second-worst in the unwanted category.

Ranking decisions were based on how long a flight on the tarmac was delayed as measured by percentages. Parameters were for percentage of flights delayed for two hours or more.

As for on-time arrivals, US Airways came in at sixth place, with a percentage rate of 78.4 percent.

US Airways Group was trading at $9.04, gaining $0.74, or 8.92 percent, as of 12:11 PM EST.

Southwest (LUV) Joins (DAL), (JBLU), (AAI), in Boosting Fares

Southwest Airlines Co. (NYSE:LUV) is the latest of the numerous airlines to boost fares in response to rising fuel costs, joining JetBlue (NASDAQ:JBLU), AirTran (NYSE:AAI), Delta (NYSE:DAL) and Virgin America.

Domestic round-trip airfares were increased by Southwest by $10.

Jet fuel prices have jumped over than 50 percent in the last year to more than $3 a gallon, although the majority of airlines have offset some of the boost in prices via hedging - where they're basically paying extra to lock in the top price they'll pay for some of their fuel.

After Southwest announced its rate hike, competitors in the same markets raised their prices as well.

Southwest was trading at $11.75, down $0.05, or 0.42 percent, as of 2:44 PM EST.