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Southwest Airlines Q2 profit falls YOY

Southwest Airlines Co. said its second-quarter normalized net income amounted to $1.20 per share, compared with the S&P Capital IQ consensus estimate of $1.20 per share.

EPS increased year over year from $1.16.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $727.5 million, a decline from $739.4 million in the year-earlier period.

The normalized profit margin dropped to 12.7% from 13.7% in the year-earlier period.

Total revenue increased 6.7% on an annual basis to $5.74 billion from $5.38 billion, and total operating expenses grew 9.7% on an annual basis to $4.54 billion from $4.14 billion.

Reported net income decreased 9.4% from the prior-year period to $744.1 million, or $1.23 per share, from $821.0 million, or $1.28 per share.