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Southwest Airlines Q3 profit falls YOY

Southwest Airlines Co. said its third-quarter normalized net income amounted to 87 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

EPS fell year over year from 91 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $520.0 million, a decline of 8.4% from $567.5 million in the prior-year period.

The normalized profit margin declined to 9.9% from 11.0% in the year-earlier period.

Total revenue rose on an annual basis to $5.27 billion from $5.14 billion, and total operating expenses increased 5.1% on an annual basis to $4.40 billion from $4.18 billion.

Reported net income rose 29.1% on an annual basis to $502.3 million, or 84 cents per share, from $389.0 million, or 62 cents per share.