Southwest Airlines posted fourth-quarter net income of $78 million.

Excluding one-time items, the company's net result was a $65 million profit, about even with the year-earlier period. The company also claimed a fourth-quarter record for operating revenues at $4.2 billion, "driven by record yields, continued high load factors, and an impressive freight revenue performance," according to CEO Gary Kelly. "These strong revenues were achieved despite the transitional state of the AirTran route network." The airline's fourth-quarter average passenger fare rose 5.4 percent year over year to $148. Southwest's full-year 2012 net income, excluding one-time items, jumped to $417 million from $330 million in 2011 and marked the company's "40th consecutive year of profitability." Passenger revenue for the year increased by 9 percent to $16.1 billion. Kelly added that first-quarter bookings "thus far are strong."