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Southwest Airlines Q1 profit climbs 255.9% YOY

Southwest Airlines Co. said its normalized net income for the first quarter came to 66 cents per share, compared with the S&P Capital IQ consensus estimate of 65 cents per share.

EPS rose 269.0% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $449.4 million, a gain of 255.9% from $126.3 million in the prior-year period.

The normalized profit margin rose to 10.2% from 3.0% in the year-earlier period.

Total revenue climbed 6.0% on an annual basis to $4.41 billion from $4.17 billion, and total operating expenses decreased 7.1% on an annual basis to $3.64 billion from $3.92 billion.

Reported net income increased 196.7% from the prior-year period to $454.0 million, or 67 cents per share, from $153.0 million, or 22 cents per share.