Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Southwest Loses $120M on Bad Oil Bet

Otherwise, quarter beat expectations

By Kevin Spak, Newser Staff

Posted Oct 16, 2008 7:36 AM CDT

(Newser) – Southwest Airlines posted a $120-million third-quarter loss today, due almost entirely to a one-time $247-million charge on an oil bet gone wrong, the New York Times reports. Southwest aggressively locks in its fuel costs far in advance, which looked brilliant last year, as oil prices... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

New York Times (Source Grid »)

Airlines poised for takeoff on oil's decline
Forbes

What small businesses can learn from Southwest
Wall Street Journal Subscription

Oil hits 15-month low under $68
AFP

Money

airline industry • earnings reports • corporate earnings • Southwest Airlines • third quarter earnings • oil prices

More Newser Stories

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

(NEWSER) - It was a bad three months to be a vampire squid: Goldman Sachs reported a $428 million third-quarter loss today, or 84 cents a share—far worse than the 16 cents per share that analysts were expecting, according to Reuters . The blow came largely thanks to $2.48 billion in negative revenue from its Investment & Lending division, which holds the companies stocks, bonds, and other long-term assets. More»

Apple Profit Shoots Up 125%

...and that's without any new product launches

(NEWSER) - Apple shocked analysts yesterday by posting a whopping 125% leap in its fiscal third-quarter profits—a feat it achieved without releasing any major new products in the past six months. And with a number of new products scheduled for the second half of 2011, this could be just the tip of the iceberg, the LA Times notes. “From now until the end of the year, I can't think of a time when they'll have a stronger few months of new products,” one analyst said. More»

Bank of America Loses $2.2B as Loans Sour

Investment revenues up, but consumers default on nearly $10B

(AP) - Bank of America Corp. lost more $2.24 billion in the third quarter, the company announced today, as loan losses kept rising. Those losses amounted to nearly $10 billion, providing further evidence that consumers are still struggling to pay their bills. The bank also added $2.1 billion to its reserves to cover bad loans, bringing its total reserves to $11.7 billion. The 26 cents-per-share loss was 5 cents worse than analysts expected. More»

Dow Up 21 After Rally Loses Steam

Dow hits new 2009 high but falls back amid light volume

(NEWSER) - The stock indices ended mixed today after strong morning gains lost steam. The Dow hit a new high for 2009, 9931.82, off strong expectations for the third-quarter earnings. But profit-taking traders capitalized on recent gains, pushing the market lower; light trading volume on the Columbus Day holiday amplified their actions. The Dow closed up 20.86 points at 9,885.80. The Nasdaq lost just 0.14 to close at 2,139.14, and the S&P 500 settled at 1,076.18, having gained 4.69, the Wall Street Journal reports. More»

Exxon Breaks Own Profit Record With $45B Haul

The oil behemoth shattered the annual profit record despite slow fourth quarter

(AP) - Buoyed by last year's spike in crude prices, Exxon Mobil Corp. today reported a profit of $45.2 billion for 2008, breaking its own record for a US company, even as its fourth-quarter earnings fell 33% from a year ago. The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Southwest Loses $120M on Bad Oil Bet

Otherwise, quarter beat expectations

airline industry • earnings reports • corporate earnings • Southwest Airlines • third quarter earnings • oil prices

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

Apple Profit Shoots Up 125%

...and that's without any new product launches

Bank of America Loses $2.2B as Loans Sour

Investment revenues up, but consumers default on nearly $10B

Dow Up 21 After Rally Loses Steam

Dow hits new 2009 high but falls back amid light volume

Exxon Breaks Own Profit Record With $45B Haul

The oil behemoth shattered the annual profit record despite slow fourth quarter

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?