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Earnings

Southwest profit beats projections

October 16, 2009|Times Wire Reports

Southwest Airlines Co., the largest low-fare carrier, posted a third-quarter profit that beat analysts' estimates as discounted tickets helped lure passengers.

The profit was $23 million, or 3 cents a share, excluding costs for items such as employee buyouts, Southwest said. Earnings on that basis were projected at 1 cent a share, according to a Bloomberg survey. The Dallas-based airline's net loss was $16 million, or 2 cents.

The net loss narrowed from a year-earlier loss of $120 million, or 16 cents. Adjusted profit a year earlier was $69 million, or 9 cents.

Sales fell 7.8% to $2.67 billion.

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