Southwest Airlines Meets 2Q Profit Forecasts
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DALLAS (CBSDFW.COM/AP) — Dallas-based Southwest Airlines Co. on Thursday reported second-quarter profit of $608 million.
The company said it had a net income of 90-cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $1.03 per share.
The results matched Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was also for earnings of $1.03 per share.
The airline posted revenue of $5.11 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $5.17 billion.
In a press release statement, Chairman of the Board, President, and CEO Gary Kelly said, "We significantly expanded our margins and generated very strong cash flows during first half 2015, allowing us to return $811 million to Shareholders through dividends and share repurchases so far this year."
Southwest shares have declined 17 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 3 percent. The stock has climbed 32 percent in the last 12 months.
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