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Non-Tech : Airline Discussion Board
JETS 18.55+0.6%Sep 4 4:00 PM EDT
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From: Sam9/6/2023 7:42:58 AM
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Southwest Airlines Stock Drops As August Leisure Bookings Were On Low End Of Expectations -- MarketWatch
Dow Jones Newswires September 06, 2023 07:09:00 AM ET

Shares of Southwest Airlines Co. (LUV) dropped 4.2% toward a three-month low in premarket trading Wednesday, after the air carrier said it booked record revenue for the Labor Day weekend, but said close-in leisure bookings in August were on the lower-end of expectations. The company lowered its outlook for third-quarter revenue per available seat mile (RASM) to a year-over-year decline of 5% to 7% from previous guidance for a decline of 3% to 7%. Southwest also raised its fuel cost per gallon guidance range to $2.70 to $2.80 from $2.55 to $2.65, but kept its capacity outlook unchanged at up about 12%. "Managed business trends continue to perform in line with expectations, and the Company continues to expect overall corporate travel to have a modest underlying year-over-year sequential trend improvement in third quarter 2023 when compared with second quarter 2023," Southwest said in a statement. "As a result, the Company continues to expect record third quarter operating revenues." The stock has gained 1.3% over the past three months through Tuesday, while the U.S. Global Jets ETF (JETS) has slipped 1.0% and the S&P 500 has gained 5.0%.

-Tomi Kilgore

For more from MarketWatch: marketwatch.com


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