Join The Discussion

 

New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

read more >

Fort Worth-based Woodmont plans $80M Hard Rock Hotel retail center

Woodmont Outlets of Fort Worth, an affiliate of The Woodmont Co., has partnered with Cherokee Nation Businesses for a proposed upscale retail development at Hard Rock Hotel & Casino Tulsa.

read more >

Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

read more >

Barnett still packs economic punch, study finds

Despite reduced drilling and unstable gas prices, Fort Worth continues reaping the rewards of the Barnett Shale, according to a newly released study by The Perryman Group.7

read more >

Time to make more Do-Nuts in DFW

Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas-Fort Worth market.

read more >

Southwest profit up on higher fares, cheaper fuel
 

DAVID KOENIG, AP Airlines Writer
 
DALLAS (AP) — Average fares are rising on Southwest Airlines Co., the fuel bill is shrinking, and profit is soaring.
 
The airline is gearing up for the holiday travel season, and officials say that bookings for November and December are strong.
 
Southwest's results are adding detail to the emerging picture of an airline industry that is continuing to rebound from the 2008 recession. Mergers have reduced the number of competitors, and the remaining airlines are boosting fares by controlling growth and limiting seats.
 
Southwest said Thursday that third-quarter net income jumped to $259 million, or 37 cents per share, from $16 million, or 2 cents per share, a year earlier.
 
Excluding special items such as fuel-hedging and costs of folding AirTran Airways into Southwest, the company said it would have earned 34 cents per share. That matched analysts' forecast of adjusted profit.
 
Revenue rose 5.5 percent to a record $4.55 billion. Analysts were expecting $4.54 billion, according to FactSet.
The average one-way fare on Southwest increased 11.3 percent, to $159.39. Partly that could reflect longer flights — the average trip was 1,000 miles, an increase of 41 miles or 4.3 percent.
 
The airline is also getting a break on fuel. It paid a few cents less per gallon and consumed 12 million fewer gallons of fuel than a year ago. The combination reduced Southwest's biggest expense by 5.1 percent, to $1.45 billion.
 
That was helpful because the second-largest expense, labor, rose 6.9 percent to $1.27 billion.
 
The third quarter includes the last two months of the busy summer travel season, so it's a strong period for airlines. Even with higher fares than last year, Southwest was able to fill 80.8 percent of its seats, although that was down from 82.1 percent in summer 2012.
When summer vacations end, travel drops off in the fall and winter, but Southwest is hinting at a busy holiday season. Chairman and CEO Gary Kelly said the recent partial government shutdown affected revenue but added that bookings for November and December were strong.
 
Kelly called the third-quarter results "very solid," and said that his airline — once known as a scrappy underdog to the giants, but now the fourth-biggest U.S. carrier — was transforming itself for the future.
 
Southwest is converting more AirTran flights to its own colors and brand, and expects to fully absorb AirTran by the end of 2014. The conversion includes using Southwest planes on international flights beginning next year.
 
In trading before the stock market's opening, Southwest shares were up 48 cents, or 2.9 percent, to $16.89.

 

< back

Email   email
hide
Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?