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.