DALLAS (AP) – Southwest Airlines Co. (LUV) on Thursday reported fourth-quarter net income of $190 million.

On a per-share basis, the Dallas-based company said it had net income of 28 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 59 cents per share.

The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.

The airline posted revenue of $4.63 billion in the period, which also topped Street forecasts. Analysts expected $4.59 billion, according to Zacks.

Southwest shares have decreased 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has declined slightly more than 1 per cent. The stock has risen 96 per cent in the last 12 months.