Old 10-16-2008, 03:50 AM
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Default Southwest Reports Net Loss Due to Fuel Hedges

Its getting ugly out here....

Southwest Reports Net Loss Due to Fuel Hedges - Earnings * US * News * Story - CNBC.com

Southwest Airlines reported a quarterly net loss on Thursday, reversing a year-ago profit, on charges related to its fuel hedging program.

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Current DateTime: 04:41:42 16 Oct 2008
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The low-cost airline's third-quarter net loss amounted to $120, or 16 cents per share, compared with a profit of $162 million, or 22 cents per share, a year earlier.
Excluding one-time items, Southwest earned $69 million, or 9 cents per share, beating the average Wall Street estimate of 7 cents per share, according to Reuters Estimates.
The airline industry has been severely battered this year by soaring fuel costs that peeked at a record high in July before falling rapidly.
Southwest, cnbc_comboQuoteMove('popup_LUV_ID0EDAAC15839609');[LUV 11.56 -0.76 (-6.17%) ]cnbc_quoteComponent_init_getData("LUV","WSODQ_COMP ONENT_LUV_ID0EDAAC15839609","WSODQ","true","ID0EDA AC15839609","off","false","inLineQuote"); whose fuel hedges are the envy of the industry, was somewhat insulated from the spike in fuel prices but reported charges of $247 million related to adjustments on a portion of the future period of its hedge portfolio.
The airline's revenue rose about 12 percent to $2.9 billion. The company ended the quarter with $3.4 billion in cash and short term investments.


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