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Southwest Air Beats the Street: Q1 Revs. $3.991B vs. $40.14B Est.

Thursday, 19 Apr 2012 | 7:22 AM ET

Southwest Airlines surprised analysts last month when the company said it was likely to lose money in Q1. First quarter 2012 net income was $98 million, or $0.13 per diluted share, compared to the expected net income of $5 million, or $.01 per diluted share. Gary Kelly, Southwest Airlines chairman, president & CEO, offers insight on how the airline managed to beat Wall Street's estimates.