RECORD EARNINGS: Southwest Airlines Co. reported second-quarter net income of $228 million, or 30 cents per share. Excluding items related to fuel-hedging and absorbing AirTran Airways, adjusted profit was a record $273 million.

HIGHER FARES: The average one-way ticket bought at Southwest broke the $150 barrier and was 5 percent higher than a year ago.

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WILLING PASSENGERS: Despite higher fares, passenger traffic grew 5 percent. The combination helped Southwest post record revenue of $4.62 billion.