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Carrier earns a profit

Thursday, Oct. 18, 2001 | 9:48 a.m.

DALLAS -- Southwest Airlines Co., the No. 1 airline in Las Vegas, said today that it remained profitable in the third quarter despite a drop in travel after the Sept. 11 terrorist attacks.

Southwest was the first major carrier to report third-quarter earnings, and analysts expect it will be the only one to post a profit. Southwest reported net income excluding one-time items of $82.8 million, or 10 cents per share, matching analysts' forecasts.

Revenue fell nearly 10 percent to $1.34 billion from $1.48 billion a year earlier. Southwest estimated that it lost $188 million in revenue because of the terrorist attacks, including $25 million while the nation's aviation system was grounded, $95 million because fewer passengers traveled once flights resumed and $58 million in ticket refunds and other items.

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