Earnings showtime that is

Today both AMR, parent of American Airlines, and Southwest Airlines, reported fourth quarter and year-ending earnings results.

AMR managed to squeak out a small $17 million, or $0.07 profit for the fourth quarter, the third quarterly profit in the row for the airline. The airline has not been able to string together three profitable quarters in a row since 2000. This result was much better than forecast consensus, which had been for a loss of 7 cents a share.

These results compared favorably to a loss of $600 million, or $3.46 cents per share, posted by the airline a year earlier.

AMR said it earned $231 million, or $0.98 a share, for all of 2006 compared to a loss of $857 million or $5.18 a share in 2005. This yearly profit was also the first since 2000.

Interestingly, as those airlines that did not have sizable fuel surcharges in place over the last few years should see the positive result of a declining oil price kick in this quarter, it’s just the opposite for Southwest Airlines — which for years had a built-in advantage because of its legendary fuel hedges.

But as we all know, those hedges are now beginning to lose their clout — as they continue to rise. For the fourth quarter, Southwest spent 41% more than it did last year on fuel

Consequently, for the fourth quarter of 2006 Southwest saw its fourth quarter profit down 19% year-over-year as a result of higher fuel prices and rising security costs.

Net income in the fourth quarter fell to $57 million, or $0.07 cents a share, from $70 million, or $0.09 cents a share, a year ago.

Excluding special items, the airline posted profit of $96 million, or $0.12 cents a share, up from $81 million, or 10 cents a share, last year. Revenue grew 15% to $2.3 billion. That 12 cent a share figure missed the consensus analysts’ forecast figure of 13 cents per share.

For the full year 2006, net income was $499 million, or $0.61 cents per diluted share, compared with $484 million, or $0.60 cents per diluted share, for 2005.

Excluding special items, 2006 net income was $587 million, or $0.71 cents per diluted share, compared to $425 million, or $0.53 cents per diluted share for 2005. Revenue grew 20% to $9.1 billion.

Speaking of oil prices, the price of a barrel of crude closed Tuesday at $51.21 a barrel, a 19-month low. It was up over a buck today when last we checked.

NYSE: AMR, NYSE:LUV