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The fourth-quarter profit of 56 cents per share included gains from fuel-hedging contracts. Without those items, Southwest, based in Dallas, said it would have earned $74 million, or 10 cents per share.

Analysts, who don't count extra items in their forecasts, expected profit of 7 cents per share.

Revenue fell less than 1 percent, to $2.71 billion. That compared to declines of 7 percent and 8 percent at American Airlines and Continental. Continental reported earnings earlier Thursday. American posted its results Wednesday.

Spending dropped 4.5 percent, helped by a 13.5 percent reduction in fuel costs.

Throughout its history, Southwest has grown rapidly and pushed into new markets. Last year, however, it reduced flights and capacity, and Kelly said the company has no plans for growth in 2010.

But Southwest continues to tinker with its schedule, pruning unprofitable flights. It announced Thursday that it would add four more flights in Denver in June.

For all of 2009, Southwest's $99 million profit equaled 13 cents per share, down from 2008 earnings of $178 million, or 24 cents per share. Full-year revenue fell 6.1 percent, to $10.35 billion.

In premarket trading, Southwest shares rose 27 cents, or 2.4 percent, to $11.60. Continental shares added 53 cents, or 2.6 percent, at $21.15.