Southwest Airlines Co. Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Operating Guidance for the First Quarter, First Half, Second Half and Full Year of 2018
For the year, the company reported total operating revenues of $21,171 million compared to $20,425 million a year ago. Operating income was $3,515 million compared to $3,760 million a year ago. Income before income taxes was $3,251 million compared to $3,547 million a year ago. Net income was $3,488 million or $5.79 per diluted share compared to $2,244 million or $3.55 per diluted share a year ago. Adjusted operating income, non-GAAP was $3,429 million compared to $3,916 million a year ago. Net cash provided by operating activities was $3,929 million compared to $4,293 million a year ago. Capital expenditures were $2,123 million compared to $2,038 million a year ago.
For the quarter, the company reported revenue passengers carried of 33,695,001 compared to 32,006,767 a year ago. Revenue passenger miles were 32,189,839,000 compared to 31,366,176,000 a year ago. Available seat miles were 37,886,814,000 compared to 37,147,109,000 a year ago. Load factor was 85.0% compared to 84.4% a year ago.
For the year, the company reported revenue passengers carried of 130,256,190 compared to 124,719,765 a year ago. Revenue passenger miles were 129,041,420,000 compared to 124,797,986,000 a year ago. Available seat miles were 153,811,072,000 compared to 148,522,051,000 a year ago. Load factor was 83.9% compared to 84.0% a year ago.
The company expects first quarter 2018 RASM to increase in the 1 to 2% range, as compared with first quarter 2017.
The company expects its 2018 available seat mile year-over-year growth to be in the low 5% range, with first half 2018 year-over-year growth in the low 3% range and second half 2018 year-over-year growth in the low 7% range. The company expecting their 2018 CapEx to decrease versus 2017 and are currently estimating 2018 CapEx to be approximately $1.9 billion. Included in this total, The company expects 2018 aircraft CapEx of approximately $1 billion and non-aircraft CapEx in the $900 million range.