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Southwest Airlines declined 2.2% to $23.60 after the regional airline reported lower-than-expected revenue of $6.53 billion, and the company said it plans to trim its capacity growth after demand growth returns to pre-pandemic levels.

Revenue increased 4.9% to $6.53 billion from $6.22 billion, net income declined 30.3% to $193 million from $277 million, and diluted earnings per share fell to 31 cents from 44 cents a year ago.

The company lowered its first quarter capacity growth to between 10% and 12% from the previous estimate of between 14% and 16%, resulting in full-year 2024 capacity growth in the range of 6% and 8%.

The airline reiterated its 2023 capital spending estimate of $3.5 billion, including $2.3 billion in aircraft capital spending, assuming approximately 85–8 aircraft deliveries in 2023, and $1.2 billion in non-aircraft capital spending, including the winter operations plan.

Last winter, Southwest was forced to halt all flights after a winter storm and technological slip-ups led to a cascade of flight cancellations for a few days.

The company reiterated its total annual capital spending to be approximately $4 billion, on average, for the five years 2023 through 2027.

26 Oct, 2023

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