Among major airlines, Southwest Airlines Co. (NYSE: LUV) currently is considered one of the best run, but when earnings come around, how does it stack up against the competition like United Continental Holdings, Inc. (NYSE: UAL)? 24/7 Wall St. has taken into account both earnings reports and compared the two companies.

Southwest reported its first-quarter financial results before the markets opened. The airline giant had $0.66 in earnings per share (EPS) and a record $4.4 billion in revenue. That compared to Thomson Reuters consensus estimates of $0.65 in EPS and revenue of $4.41 billion. In the same quarter of last year, it posted EPS of $0.18 and $4.17 billion in revenue.

The return on invested capital for the 12 months ended in March 2015 was 25.6%, compared to 14.2% for the same period a year ago.

The company had free cash flow of $859 million, which it used to return $381 million to shareholders through dividends and share repurchases.

Gary C. Kelly, chairman, president and CEO of Southwest, said:

Strong revenue and booking trends have continued thus far in April. Second quarter 2015 year-over-year comparisons are more challenging, largely due to last year’s exceptional and above-trend performance. With the continuation of year-over-year increases in stage length and gauge, we currently expect our April 2015 passenger unit revenues to decline, year-over-year, approximately two percent.

Shares of Southwest closed Wednesday down 0.4% at $42.85. After the financial results were released, shares were up 1.2% at $43.37 early Thursday. The stock has a consensus analyst price target of $55.19 and a 52-week trading range of $23.50 to $47.17.

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United released its first-quarter financials at the same time as Southwest. United had $1.52 in EPS on $8.6 billion in revenue, versus consensus estimates of $1.44 in EPS on $8.62 billion in revenue. The first quarter from the last year had a net loss of $1.33 per share on revenue of $8.70 billion.

In the quarter, United returned roughly $200 million to shareholders as part of its $1 billion share buyback program.

For the 12 months ended in March 2015, the company’s return on invested capital was 17.1%.

Jeff Smisek, United’s chairman, president and chief executive officer, said:

This quarter we reported a profit of nearly $600 million, excluding special items, a $1 billion improvement compared to the first quarter of 2014, and I’d like to thank the United team for all their great work. We continued to improve our operational reliability and deliver products that enhance our customers’ experience, including new aircraft, improved food, new inflight entertainment options and modern facilities. We are making significant progress on our long-term plan to reduce costs, improve our margins and grow our earnings, and expect our second quarter pre-tax margin to be between 12 and 14 percent, excluding special items.

Shares of United closed Wednesday up 0.5% on $64.02. However, following the release of the financial results, shares retreated about 1.2% to $63.24 in early trading Thursday. The consensus analyst price target is $87.85, and the 52-week trading range is $36.65 to $74.52.

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