Southwest Airlines Co. (NYSE:LUV) reported its fourth quarter and annual 2018 results, and particularly exulted about recording its 46th straight year of profitability.
The carrier revealed annual net income and earnings per diluted share of $2.5 billion and $4.29, respectively, compared with annual 2017 record net income and record earnings per diluted share of $3.4 billion and $5.57, respectively
Excluding special items, record annual net income and record earnings per diluted share of $2.4 billion and $4.24, respectively.
Annual operating income of $3.2 billion, resulting in an operating margin of 14.6 percent, or 14.4 percent, excluding special items.
Annual record operating cash flow of $4.9 billion, and record free cash flow of $3.1 billion
CEO Gary Kelly said, "2018 was an incredible year of resilience and achievement. Our Employees persevered through significant challenges, delivering our 46th consecutive year of profitability with strong margins, record cash flows, and $544 million in profit sharing.
"We finished the year strong, with record fourth-quarter net income and earnings per diluted share, excluding special items. This was driven by strong yields, record revenues, and a solid cost performance. Earlier this week, Southwest was again named to FORTUNE's 2019 list of World's Most Admired Companies."
In 2018, the airline reported revised Boeing delivery schedule to support continued fleet modernization. LUV also Entered into an agreement with Alaska Airlines to lease 12 slots at New York's LaGuardia Airport and eight slots at Washington Reagan National Airport
It also began providing cargo service to select international destinations
Shares gained $2.47, or 4.8%, to $53.49
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