Southwest Airlines 737-300. By Rob Finlayson Southwest Airlines (SWA), which had warned of a first-quarter loss, posted net income of $98 million for the period, improved over a $5 million net profit in the 2011 March quarter. However, the low-cost carrier (LCC) conceded that the net result benefited from $116 million in favorable special items and that it incurred an $18 million net loss for the three months excluding special items, reversed from $20 million in ...

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