Southwest Airlines' unit revenue declined by 8.3% in the second quarter compared to the same period last year. The drop was attributed to a policy change the previous summer, removing expiration dates from pandemic travel credits. The airline anticipates unit revenue to decrease by up to 7% in the third quarter, with capacity up by 12% from the previous year. Southwest is working on "revamping" its 2024 schedules to adapt to changing customer travel patterns, although business revenue has not yet fully returned to pre-pandemic levels. The net income for the second quarter dropped by 10% to $683 million, with adjusted earnings per share at $1.09, slightly lower than the expected $1.10. Total revenue reached $7.04 billion, surpassing analyst expectations and increasing by 4.6% compared to the previous year.
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00:00 It's Benzinga and here's what's on the block.
00:02 Southwest Airlines unit revenue declined by 8.3% in the second quarter compared to the
00:07 same period last year.
00:09 The drop was attributed to a policy change made the previous summer, removing expiration
00:13 dates from pandemic travel credits.
00:16 The airline anticipates unit revenue to decrease by up to 7% in the third quarter, with capacity
00:21 up by 12% from the previous year.
00:23 Southwest is working on revamping its 2024 schedules to adapt to changing customer travel
00:28 patterns, although business revenue has not yet fully returned to pre-pandemic levels.
00:34 The net income for the second quarter dropped by 10% to $683 million, with adjusted earnings
00:39 per share of $1.09, slightly lower than the expected $1.10.
00:44 Total revenue reached $7.4 billion, surpassing analysts' expectations and increasing by
00:49 4.6% compared to the previous year.
00:52 For all things money, visit Benzinga.com!
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