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Southwest Airlines Q1 profit falls YOY

Southwest Airlines Co. said its first-quarter normalized net income amounted to 59 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

EPS fell 32.2% year over year from 87 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $363.1 million, a decrease of 35.7% from $565.0 million in the year-earlier period.

The normalized profit margin dropped to 7.4% from 11.7% in the year-earlier period.

Total revenue grew on an annual basis to $4.88 billion from $4.83 billion, and total operating expenses climbed 10.0% year over year to $4.26 billion from $3.87 billion.

Reported net income fell 31.9% on an annual basis to $350.0 million, or 57 cents per share, from $514.0 million, or 79 cents per share.