LUV - Southwest Airlines' Record Passenger Numbers Overshadowed By Q1 Earnings Slump And Boeing Setbacks | Benzinga
Southwest Airlines Co (NYSE:LUV) reported a first-quarter fiscal 2024 operating revenue increase of 10.9% year-over-year to $6.33 billion, missing the consensus of $6.42 billion.
The carrier attributes its revenue performance to strong demand trends and passenger and ancillary revenue, passengers carried and new Rapid Rewards Members.
Adjusted EPS was $(0.36), down from $(0.27) last year, missing the consensus $(0.34).
The airline reported an adjusted operating loss of $(377) million, compared to $(284) million a year ago.
LUV’s first-quarter RASM came in at the low end of its expectations primarily due to lower-than-expected close-in leisure passenger volume, including lower-than-expected maturation of development markets.
Revenue passenger miles increased 12% Y/Y, Available seat miles were up 11% Y/Y, and load factor was 78.3% compared to 77.6% last year.
CASM-X increases by 5% Y/Y, reflecting favorable airport settlements and higher-than-expected participation in voluntary time off programs.
Fuel costs were $2.92 per gallon ...