UPDATE: Southwest Q2 Net Profit Drops 1.8%

Southwest Airlines Co LUV reported a 1.8% drop in its second-quarter earnings. Southwest's quarterly earnings fell to $224 million, or $0.31 per share, from $228 million, or $0.30 per share, in the year-ago period. Excluding items, its adjusted earnings rose to $0.38 per share, from $0.36 per share. Its operating revenue rose 0.6% to $4.64 billion. However, analysts were expecting a profit of $0.38 per share on revenue of $4.66 billion. Southwest shares closed at $13.76 yesterday.