DALLAS (AP) -- Southwest Airlines on Wednesday reported a 17 percent decline in second-quarter profits as rising fuel costs weighed on results.

The company posted a net profit of $278 million, or 36 cents per share, compared with a year-earlier profit of $333 million, or 40 cents per share. Revenue rose to $2.58 billion from $2.45 billion a year earlier.

After adjusting for fuel costs and related financial transactions, Southwest reported a profit of 25 cents per share. Analysts polled by Thomson Financial on average expected earnings per share of 22 cents on revenue of $2.6 billion.

Southwest said it now expects year-over-year growth in available seat miles of 6 percent for the fourth quarter and for 2008, two percentage points less than previously expected. Southwest said it would defer deliveries on some planes.

Shares of the carrier lost 4 cents to $15.55 in early morning trading.

Article source: New York Times 

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