Southwest Airlines Company (Dallas) today reported first quarter 2012 net income of $98 million, or $.13 per diluted share, which included $116 million (net) of favorable special items.  This compared to net income of $5 million, or $.01 per diluted share, in first quarter 2011, which included unfavorable special items totaling $15 million (net).  Excluding special items, first quarter 2012 net loss was $18 million, or $.02 loss per diluted share, compared to net income of $20 million, or $.03 per diluted share, in first quarter 2011. This compared favorably to Thomson’s First Call mean estimate of $.05 loss per diluted share.  Operating income for first quarter 2012 was $22 million, compared to $114 million in first quarter 2011.  Excluding special items, operating income was $10 million for first quarter 2012, compared to $110 million for the same period last year.

The company has begun converting AirTran Boeing 737-700 aircraft to the Southwest paint and interior configuration.

The airline group will take delivery of 33 new Boeing 737-800s this year. Southwest also began retrofitting its 737-700 fleet with an updated cabin interior.  Evolve: The New Southwest Experience enhances Customer comfort, personal space, and the overall travel experience. It also allows for six additional seats.  WN currently anticipates that all 372 737-700s in the Southwest Airlines fleet will receive the Evolve makeover by first half of 2013.

Copyright Photo: Tony Storck. What will be the next logojet?

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