Categories AlphaGraphs, Earnings, Industrials

LUV Earnings: Key quarterly highlights from Southwest Airlines’ Q2 2023 financial results

Southwest Airlines Co. (NYSE: LUV) reported second quarter 2023 earnings results today.

Total operating revenues increased 5% year-over-year to $7 billion, beating market estimates.  

Net income declined 10.1% to $683 million, or $1.08 per share, compared to last year. Adjusted EPS was $1.09 per share, which was below analysts’ expectations.

Revenue per available seat mile (RASM), or unit revenues, were down 8.3% YoY in Q2.

For the third quarter of 2023, RASM is expected to be down 3-7% YoY and capacity is expected to be up around 12%.

The stock fell 6% in premarket hours on Thursday.  

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