UPDATE: Southwest Airlines Posts Q1 Profit

Southwest Airlines Co LUV posted a first-quarter profit on Thursday. Southwest Airlines posted its quarterly net income at $98 million, or $0.13 per share, up from $5 million, or $0.01 per share, in the year-ago epriod. Excluding items, Southwest Airlines posted a loss of $0.02 per share. Southwest Airlines' revenue climbed 29% to around $4 billion. Its operating expenses surged 27%. Southwest Airlines shares closed at $7.89 yesterday.