Southwest Airlines (NYSE:LUV) announced that it earned $228 million during its second quarter, shrugging off higher fuel costs. That was up from $161 million during the same time last year.
Adjusted EPS for the quarter was 36 cents, topping the 33 cents predicted by Wall Street analysts, Bloomberg noted.
Investors were unimpressed. Shares of Southwest Airlines slipped about 1% in Thursday midday trading.
The airline saw revenue during the second quarter rise 4.7% to $4.62 billion. Analysts had been looking for $4.59 billion. The number of passengers carried remained flat compared to last year, but prices jumped 4.9% on average, which offset a 3.3% rise in fuel expenses.
Company officials said the airline is on track to produce record annual earnings and will not expand its fleet of jets for at least a year.