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Southwest Airlines Co
LUV reported stronger-than-expected second-quarter earnings.
The Dallas, Texas-based company posted a quarterly net profit of $465 million, or $0.67 per share, versus a year-ago profit of $224 million, or $0.31 per share. Excluding special items, its earnings climbed to $0.70 per share from $0.38 per share.
Its operating revenue surged 7.9% to $5.01 billion. However, analysts were expecting a profit of $0.61 per share on revenue of $4.93 billion.
Southwest's passenger revenue per available seat mile rose 9% in the quarter, while load factor climbed to 83.9% from 81.6%.
Its fuel and oil costs declined 4.3% to $1.43 billion.
Gary C. Kelly, Chairman of the Board, President, and Chief Executive Officer, stated, "We are very pleased with our strong second quarter earnings performance.”
Southwest shares gained 2.53% to $29.60 in pre-market trading.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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