Southwest Airlines broke a string of three straight losing quarters by eking out a small profit despite a downturn in travel.
Dallas-based Southwest said Tuesday it earned $54 million, or 7 cents per share in the quarter ended June 30, down sharply from a gain of $321 million, or 44 cents per share, a year earlier.
Excluding one-time items, Southwest said it would have earned $59 million, or 8 cents per share.
Analysts expected profit of 7 cents per share excluding charges.
Revenue dipped 8.8 percent, to $2.62 billion, less than the 22.7 percent plunge Continental reported Tuesday.
Southwest's traffic has held up better than that of other airlines as it lured passengers with lower fares.