Southwest Airlines posted 2017 first-quarter net income of $351 million, down 31.6% from a net profit of $513 million in the 2016 March quarter, even as the Dallas-based carrier generated record first-quarter revenue of $4.9 billion, up 1.2% year-over-year (YOY). First-quarter expenses increased 8.8% YOY to $4.2 billion as labor costs rose 12.6% to $1.7 billion and fuel costs heightened 8.2% to $922 million. Operating income was $658 million, down 30.3% from an operating profit of $944 ...

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