Southwest Airlines Co. Reports Consolidated Unaudited Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014
For the full year, the company reported total operating revenues of $17,699 million against $17,088 million a year ago. Operating income was $1,278 million against $623 million a year ago. Income before income taxes was $1,209 million against $685 million a year ago. Net income was $754 million or $1.06 per diluted share against $421 million or $0.56 per diluted share a year ago. Operating income, non-GAAP was $1,448 million against $838 million a year ago. Income before income taxes, non-GAAP was $1,290 million against $679 million a year ago. Net income, non-GAAP was $805 million or $1.12 per diluted share against $417 million or $0.56 per diluted share a year ago. Net cash provided by operating activities was $2,490 million against $2,064 million a year ago. Payments for purchase of property and equipment, net were $1,447 million against $1,348 million a year ago. Adjusted operating income, non-GAAP was $1,531 million against $919 million a year ago.
For the quarter, the company announced revenue passengers carried was 26,895,809 against 26,607,560 a year ago. Enplaned passengers were 33,118,822 against 32,699,829 a year ago. Revenue passenger miles (RPMs) were 25,652,363,000 against 24,821,008,000 a year ago. Available seat miles (ASMs) were 31,886,318,000 against 31,193,395,000 a year ago. Load factor was 80.4% against 79.6% a year ago. Average length of passenger haul was 954 miles against 933 miles a year ago. Average aircraft stage length was 704 miles against 688 miles a year ago. Passenger revenue yield per RPM was 16.36 cents against 15.87 cents a year ago. Operating revenue yield per ASM (RASM) was 13.89 cents against 13.38 cents a year ago. Passenger revenue yield per ASM (PRASM) was 13.16 cents against 12.63 cents a year ago. Operating expenses per ASM (CASM) was 12.68 cents against 13.08 cents a year ago. CASM, excluding fuel was 8.39 cents against 8.25 cents a year ago. CASM, excluding special items was 12.58 cents against 12.94 cents a year ago. CASM, excluding fuel and special items was 8.33 cents against 8.21 cents a year ago. CASM, excluding fuel, special items, and profit sharing was 8.12 cents against 8.15 cents a year ago.
For the year, the company announced revenue passengers carried was 108,075,976 against 109,346,509 a year ago. Enplaned passengers were 133,155,030 against 133,978,100 a year ago. Revenue passenger miles (RPMs) were 104,348,216,000 against 102,874,979,000 a year ago. Available seat miles (ASMs) were 130,344,072,000 against 128,137,110,000 a year ago. Load factor was 80.1% against 80.3% a year ago. Average length of passenger haul was 966 miles against 941 miles a year ago. Average aircraft stage length was 703 miles against 693 miles a year ago. Passenger revenue yield per RPM was 16.02 cents against 15.8647 cents a year ago. Operating revenue yield per ASM (RASM) was 13.58 cents against 13.34 cents a year ago. Passenger revenue yield per ASM (PRASM) was 12.83 cents against 12.56 cents a year ago. Operating expenses per ASM (CASM) was 12.60 cents against 12.85 cents a year ago. CASM, excluding fuel was 8.18 cents against 8.07 cents a year ago. CASM, excluding special items was 12.47 cents against 12.68 cents a year ago. CASM, excluding fuel and special items was 8.11 cents against 7.93 cents a year ago. CASM, excluding fuel, special items, and profit sharing was 7.94 cents against 7.84 cents a year ago.
The company currently estimates its 2014 capital expenditures to be in the $1.5 billion to $1.6 billion range. The company expects full year 2014 unit costs, excluding fuel, profit sharing, and special items, expected to increase year-over-year in the 2-3% range. The company projects effective tax rate 2014 to be net 38% range.
Based on current cost trends, the company expects first quarter 2014 unit costs, excluding fuel, profit sharing, and special items, to increase from first quarter 2013's 8.21 cents.