Southwest Airlines Co. (NYSE: LUV) said its 2016 first quarter net income, excluding special items, set a record at USD567 million, or USD.88 per diluted share, compared with first quarter 2015 net income, excluding special items, of USD451 million, or USD.66 per diluted share.
This exceeded the First Call consensus estimate of USD.84 per diluted share.
Record first quarter GAAP2 net income of USD511 million, or USD.79 per diluted share, compared with first quarter 2015 GAAP net income of USD453 million, or USD.66 per diluted share.
Record first quarter GAAP operating income of USD944 million. Excluding special items, record first quarter operating income of USD952 million, resulting in a strong first quarter operating margin3 of 19.7 percent.
Record first quarter free cash flow1 of USD1.2 billion; returned USD596 million to Shareholders through the combination of dividends and share repurchases.
Return on invested capital, before taxes and excluding special items (ROIC)1, for the 12 months ended March 31, 2016, of 33.4 percent, compared with 25.6 percent for the 12 months ended March 31, 2015.
Southwest Airlines operates passenger airlines that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2015, it operated 704 Boeing 737 aircraft. The company served 97 destinations in 40 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as 7 near-international countries, including Mexico, Jamaica, The Bahamas, Aruba, the Dominican Republic, Costa Rica, and Belize. The company was founded in 1967 and is headquartered in Dallas, Texas.