Southwest Airlines has announced that its net income for the fourth quarter of 2010 was $131m, an increase from $116 in 2009.
Net income for the full year was $459m, an increase on $99m in 2009 while Southwest’s fourth-quarter operating revenues were $3.1bn.
Southwest Airlines chairman of the board, president, and chief executive Gary C Kelly said, “Our fourth quarter 2010 net income, excluding special items, improved 55% from fourth quarter 2009.”
Kelly said the airline had no plans for fleet expansion – except for the closing of the AirTran acquisition – until the company achieved its profit target and a 15% pretax return on invested capital.
Operating revenues for the year ending 31 December 2010 increased 16.9% to $12.1bn, compared with 2009.
The company recently revised its Boeing delivery schedule, resulting in three additional aircraft due to be delivered in 2011.
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By GlobalDataIt now has 19 Boeing 737-700 aircraft scheduled for firm delivery in 2011, and 20 Boeing 737-800s scheduled for firm delivery in 2012.
The company’s proposed acquisition of AirTran is still subject to the approval of AirTran stockholders and certain other regulatory clearances.
The transaction is expected to be complete in the second quarter of 2011.
