Southwest Airlines posts slim profit but Continental reports a big loss in the first quarter

Southwest profits, as Continental reports 1Q loss

SPLIT DECISION: Southwest Airlines turned a small profit of $11 million in the first quarter, but Continental Airlines lost $146 million, a wider loss than analysts expected. Earlier this week, Delta and American parent AMR Corp. also reported large losses.

SEASONAL PATTERNS: The first quarter is usually the slowest for airlines, making Southwest’s performance more noteworthy. Analysts expect both Southwest and Continental — and several other U.S. carriers — to be profitable for the full year 2010.

TURBULENCE: Rising jet fuel prices hindered the airlines. Continental’s average price for a gallon of jet fuel jumped 17 percent.