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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in