Southwest, Continental report higher earnings

Southwest, Continental report higher earnings Southwest Airlines Co. and Continental Airlines Inc. said they had higher profits in the third quarter than in the same period a year earlier.
   The profit increases came despite high fuel prices. Both companies said their aircrafts were more fully booked than in the past.
   Continental said the average flight in the quarter was 84.3 percent full versus 82.7 percent a year earlier, helping overcome a 4.3 percent bump in fuel costs. Southwest said its planes were 76.6 percent full, a record for the company.
   Houston-based Continental said it earned $241 million in the three months ended Sept. 30, compared to $237 million in the same 2006 period.
   Revenue rose 9 percent, to $3.82 billion.
   Continental said cargo revenue in the quarter was $112 million, down 4 percent from the same 2006 period. It said the drop was due to a reduction in the volume of mail carried for the U.S. Postal Service.
   Dallas-based Southwest, the nation’s biggest discount carrier, said net income for the third quarter was $162 million, up from $48 million a year earlier.
   Revenue rose 11 percent, to $2.59 billion.
   Southwest had freight revenue of $32 million in the quarter, a 6.7 percent increase over the same 2006 period.