Southwest Airlines Co. (LUV) said revenue trends remained strong in September 2022, bolstered by improving business travel trends post-Labor Day. The company currently expects revenue trends to improve sequentially from third quarter to fourth quarter 2022, despite lower capacity. Southwest Airlines expects to generate strong profits and margins in fourth quarter 2022, based on current trends.
Third quarter net income per share, excluding special items, was $0.50 compared to a loss of $0.23, prior year. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.42, for the quarter. Analysts' estimates typically exclude special items.
Net income was $277 million or $0.44 per share compared to $446 million or $0.73 per share, prior year.
Third quarter operating revenues were $6.2 billion, an increase of 32.9% from last year. Analysts on average had estimated $6.21 billion in revenue. Operating revenues were up 10.3 percent compared with third quarter 2019, in line with the company's previous guidance.
Shares of Southwest Airlines are up 3% in pre-market trade on Thursday.
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