LUV - Leisure Demand Propels Southwest Q3 Revenue Although Challenges Spark Capacity Adjustments In 2024 Plan | Benzinga
Southwest Airlines Co (NYSE: LUV) reported a third-quarter FY23 operating revenue increase of 4.9% year-over-year to $6.525 billion, missing the consensus of $6.56 billion.
The airline stated that the revenue strength was driven by solid leisure demand throughout the quarter and by managed business continuing to perform largely as expected.
Adjusted EPS was $0.38, down from $0.50 in 3Q22, in line with the consensus.
The operating income declined by 70.4% Y/Y to $117 million for Q3, and the margin contracted 456 bps to 1.8%.
Q3 RASM decreased 6.8% Y/Y, driven by lower-than-expected close-in bookings.
Revenue passenger miles increased 6.2% Y/Y, Available seat ...