They believed that Southwest would benefit from the weak environment by further strengthening its employee culture and would experience growth opportunities from other airlines' capacity reductions. As the strongest carrier, both financially and operationally, Lehman Brothers anticipated a strong performance for Southwest in 2002. In October 2001, its market capitalization rose to $11 billion, topping the combined equity valuations of American Airlines, United Airlines, Delta, Continental, Northwest Airlines and US Airways. In 2001 some analysts believed Southwest would be the only airline to make a profit for the year as a whole due to the events that rocked the airline industry since events of September 11. Our liquidity remains strong and our revenue trends improved in the fourth quarter." Parker, vice chairman and CEO remarked, "We are grateful that the company's financial position has been stabilized. The company again benefited from a special pre-tax gain of $67 million from the federal grant, and the company's board of directors amended the profit-sharing plan to take that amount into consideration, increasing profit-sharing expense by $28 million. Net income per diluted share was $.08 for fourth quarter 2001, compared to $.19 for the same period a year earlier. Southwest Airlines' net income for fourth quarter 2001 was $63.5 million, down 58.9 percent from fourth quarter 2000 earnings of 154.7 million. The company's 2001 net income included a special pre-tax gain of $235 million from a federal grant received following the Air Transportation Safety and System Stabilization Act and special pre-tax charges of $48 million in the wake of the terrorist attacks on September 11, 2001.
Accordingly, Southwest's employees earned $214.6 million in contributions to profit sharing and savings plans. In a 52-week period, the airline's stock ranged from a low of $11.25 to a high of $22.00. Net income per diluted share was $.63 in 2001, down from $.79 per diluted share the previous year. The airline had an annual net income of $511.1 million compared to $625.2 million in 2000. Sales for the year totaled $5.5 billion, slightly down from year 2000 sales of $5.6 billion. It was also the airline's ninth consecutive year of increased profits. Southwest Airlines announced fourth quarter earnings and its 29th consecutive year of profitability for year-end 2001. The airlines stock exchange symbol is LUV, chosen to represent their home at Dallas Love field as well as the theme of their employee and customer relationships. The airline, once viewed as a maverick, is now seen as a model in an industry struggling for survival since the terrorist attacks of September 11, 2001. Three decades ago, Southwest Airlines reinvented air travel with its no-reserved-seats, no-frills, low-cost approach and groundbreaking, innovative management style. Frank Barton School of Business at Wichita State University and the University of Nebraska's Omaha Aviation Institute. Southwest also earned top ranking in the National Aviation Quality Rating study, conducted annually at the W. Fortune magazine has consistently rated Southwest as one of the top ten places to work and one of the most admired companies and airlines in the world. The airline maintains the lowest operating cost structure of any airline as well as economical fares.įiscal year 2001 marked Southwest's 29th consecutive year of profitability. Customers can rest assured of flying the friendliest skies because Southwest has one of best overall productivity, service, and safety records in the industry. Today, Southwest flies 57 million passengers a year to 57 cities all over the Southwest and beyond, on over 2,700 flights a day. The fledgling carrier's business then took off, with Southwest becoming the fourth largest domestic airline. Southwest was established in 1971 with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio.
is the United States' only major carrier that provides short haul, high frequency, point-to-point low fare service. Headquarters: 2702 love field dr.dallas, tx 75235-1611
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