Southwest Airlines posted a fourth-quarter net profit of $152 million, up from $131 million a year earlier.

Excluding one-time items, the company's net income dropped to $66 million from $115 million. Its full-year 2011 profit was $178 million versus $459 million in 2010, and excluding one-time items fell to $330 million from $550 million. CEO Gary Kelly attributed the declines primarily to "significantly higher fuel prices." However, fourth-quarter operating revenues reached a "record" $4.1 billion, including the impact of the AirTran acquisition. Strong revenue performance was powered by "record yields and continued high load factors," as well as a 7 percent jump in the fourth-quarter average passenger fare to just above $140. Kelly noted that Southwest, after closing the AirTran purchase in May 2011, is "on track to obtain our single operating certificate this quarter."