Southwest Airlines continues to make money despite a tough environment

Southwest Airlines (Dallas) yesterday (January 21) reported its fourth quarter and full year 2009 results. Net income for fourth quarter 2009 was $116 million, compared to a net loss of $56 million, for fourth quarter 2008. Fourth quarter 2009 results included special items (net of profitsharing and taxes) of $42 million, related to non-cash, mark-to-market gains and other items associated with a portion of the Company’s fuel hedge portfolio. Excluding special items for both years, fourth quarter 2009 net income was $74 million, compared to $61 million, in fourth quarter 2008.

For the full year 2009, net income was $99 million, compared to $178 million for full year 2008. Full year 2009 results included special items (net of profitsharing and taxes) consisting of a $35 million charge recorded in third quarter 2009, relating to the Company’s voluntary early-out program and a net loss of $9 million, relating to non-cash, mark-to-market and other items associated with a portion of the Company’s fuel hedge portfolio. Excluding special items for both years, full year 2009 net income was $143 million, or $.19 per diluted share, compared to $294 million for full year 2008.

Full press release:

finance.yahoo.com/news/Southwest-Airlines-Reports-prnews-1804509614.html?x=0&.v=1