Southwest Airlines Company LUV shares are trading lower Wednesday after the company reported updated fourth-quarter 2023 and first-quarter 2024 guidance.
The Details:
According to an SEC filing, Southwest expects fourth-quarter unit revenues to improve to the better end of its previous guidance range and expects record fourth-quarter operating revenues and passengers.
However, Southwest lowered its annual goal for capacity beyond 2024 from mid-single-digit growth to low to mid-single-digit growth with low-single-digit year-over-year trip growth.
Southwest Airlines shares are dipping on heavy trading volume following the updated guidance from the company.
According to data from Benzinga Pro, more than 6.48 million shares have already been traded in the session, compared to the stock's 100-day average of 7.844 million shares.
Southwest Airlines shares are trading above the stock's 50-day moving average of $25.20 and below its 52-week high low of $39.88.
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LUV Price Action: According to Benzinga Pro, Southwest Airlines shares are down more than 5% at $28.60 at the time of publication.
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