UPDATE: Southwest Airlines Reports 16% Rise In Q4 Net Income

Southwest Airlines Co (NYSE: LUV) reported a 16% rise in its fourth-quarter net income.

Southwest Airlines' quarterly earnings rose to $152 million, or $0.20 per share, from $131 million, or $0.18 per share, in the year-ago quarter. Its shares outstanding surged 4.4% to 783 million. Southwest Airlines' adjusted earnings came in at $0.09 per share.

Its revenue surged to $4.11 billion from $3.11 billion. Analysts were expecting earnings of $0.08 per share on revenue of $4.12 billion.

Southwest Airlines shares closed at $9.02 yesterday.