Southwest profit bucks industry trend Even with war, airline posted gain for the 48th quarter in a row

Low-fare carrier Southwest Airlines Co. reported its 48thconsecutive profitable quarter Monday, even as its larger rivalsracked up heavy losses.

Southwest's first-quarter earnings of $24 million, or 3 cents pershare, were an increase of 14.3 percent over the year-ago period, theDallas-based carrier said. In the first three months of 2002,Southwest's $21.4 million in net income was its lowest quarterlyprofit since the fourth quarter of 1994.

Revenue rose 7.5 percent to $1.35 billion from $1.26 billion.

The latest results were in line with estimates of analystssurveyed by Thomson First Call.

"Although our financial performance has been exceptional …