Southwest and United airlines post record profits

Two of the nation’s largest carriers reported record quarterly profits Thursday, thanks partly to lower fuel costs and growing demand for air travel.

For the three months that ended June 30, Southwest Airlines posted net income of $608 million, or 90 cents a share, compared with $465 million, or 60 cents, in the same period last year.

Excluding one-time costs, the profit represented the all-time quarterly high and the ninth consecutive quarter of record profits for the Dallas-based carrier.

United Airlines reported a quarterly record of its own, announcing net income of $1.9 billion, or $3.14 a share, compared with $789 million, or $2.01, in the same period last year.

Southwest reported a 29% decline in fuel costs for the quarter, with a 2% increase in passengers and revenue.

Although revenue at United fell 4% for the quarter, fuel costs dropped 32% compared with last year. Ancillary fees, including charges for checked bags, food and entertainment, increased nearly 7%.