In this May 15, 2014 photo, a Southwest Airlines Boeing 737-700 takes off from Tampa International Airport in Tampa, Fla. Southwest Airlines reports quarterly financial results on Thursday, Oct. 23, 2014. (AP Photo/Chris O'Meara) ORG XMIT: NYBZ189(Photo: Chris O'Meara, AP)
The lower fuel prices buoying the airline industry helped low-cost giant Southwest (LUV) post record profits in the first quarter.
The airline saw a profit of $453 million, or 66 cents per share, counting special items, a new high for the quarter. That was up from the $152 million profit, or 22 cents per share the airline earned during the start of 2014.
Southwest shares are up 1.69% to $43.57 in mid-day trading.
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Not counting special items, Southwest also posted a record profit of $451 million, or 66 cents per share. That was just $34 million short of being an all-time record for any quarter,Tammy Romo, Southwest's chief financial officer said during an earnings call on Thursday.
"It was a great first quarter,'' Gary Kelly, Southwest's president and CEO said during the call. "Lower fuel prices were a big part of the first quarter story.''
The airline's earnings beat the consensus of 64 cents per share, as noted by Zacks Investment Research.
Souhwest also saw a first quarter peak in operating income, with $780 million. Not counting special items, the airline also saw an operating income record for the first three months of a year, with $770 million.
S&P Capital IQ boosted its 2015 and 2016 earnings per share estimates for Southwest to $3.52 and $3.80 from $3.12 and $3.43. "We are positive on moves (Southwest) has made to accelerate revenue growth as well,'' analyst Jim Corridore said in an investors note.
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