Southwest Airlines reports first quarter results; accelerates retirement of Classics fleet

During the first quarter of 2015, Southwest Airlines posted a 25.7% increase in net income, excluding special items, to $567 million, or $.88 per diluted share. The first quarter operating margin, excluding special items, was 19.7 percent, driven largely by record first quarter operating revenues and lower fuel prices. The company’s total operating revenues rose 9.3% to $4.8 billion, driven by first quarter 2016 passenger revenues of $4.4 billion. Operating unit revenues (RASM) were comparable to first quarter 2015, on a 9.2% year-over-year increase in available seat miles. Based on current trends, Southwest expects modestly positive second quarter 2016 RASM,