Southwest Says Profit-Sharing Nearly Doubles
LOS ANGELES, CA - APRIL 05: A Southwest Airlines Boeing 737-700 passenger jet taxis on the tarmac after arriving at Los Angeles International Airport on April 5, 2011 in Los Angeles, California. Southwest Airlines said it finished inspecting its grounded 737-300 series planes and of the nearly 80 planes five of them have cracks in the aluminum skin. The inspections come after Southwest Flight 812 had to make an emergency landing when a piece of its fuselage skin was torn while on its way from Phoenix to Sacramento. The discovery prompted the Federal Aviation Administration (FAA) and Boeing to require emergency inspections on a portion of the 737 fleet manufactured during the 1980s and 1990s for the same fatigue cracks in the fuselage like the ones on the Southwest jets. (Photo by Kevork Djansezian/Getty Images)
Southwest Airlines says employees will get a record $228 million in profit-sharing this year, nearly double the payout of a year ago.
The airline said Monday that the payout is based on results from 2013, when net income hit a record $754 million.
Earnings and stock prices for airlines soared last year, and employees at some carriers are benefiting. Delta Air Lines Inc. said in February that it would pay $506 million in profit-sharing.
Dallas-based Southwest also owns AirTran Airways and is the nation's fourth-biggest airline operator. Employees own about 4 percent of Southwest's stock. The company has nearly 45,000 employees and is negotiating new contracts with its union workers.
Southwest's shares gained 84 percent in 2013 and began Monday up 21 percent in 2014.
Published at 1:18 PM CDT on Apr 14, 2014
Copyright Associated Press