Southwest Airlines (NYSE:LUV) announced on Thursday that it earned $16 million during the third quarter, compared to a loss of $140 million in the same period last year. Adjusted EPS came in 13 cents, topping Wall Street, which expected earnings of 12 cents a share, Reuters noted.
The airline recorded quarterly revenue of $4.3 billion, flat compared to last year.
Shares of Southwest moved up fractionally in Thursday afternoon trading.
The company noted that business passenger airfares slid during the quarter, causing the company’s average fare to dip to $142.86, down from $143.03.
Airline officials said that revenue per available seat mile was flat during the third quarter, but moved up about 4% in October. Operating expenses increased 4.2% over last year, driven by a 10% rise in repair costs. Southwest Airlines said it would attempt to trim costs further.