Southwest Airlines reported first-quarter net income of $59 million, down from $98 million a year earlier.

Excluding one-time items, a net result of $53 million improved on the year-earlier $18 million loss. The turnaround was "driven by record first-quarter revenues and a better-than-expected cost performance," according to CEO Gary Kelly. Total passenger revenue increased 2.3 percent to $3.8 billion, aided by in part by the integration of AirTran. Average passenger fare rose 3.8 percent year over year to $152.29.