Southwest Airlines Beats Q2 Forecasts
DALLAS (AP) - Customers seeking out low airfares gave Southwest a strong revenue boost in its second quarter, helping the airline to beat Wall Street's expectations.
Revenue climbed to $5.74 billion from $5.38 billion, as passenger revenue surged to a quarterly record of $5.2 billion.
The airline earned $746 million, or $1.23 per share, for the three months ended June 30. A year earlier the Dallas-based company earned $820 million, or $1.28 per share.
Stripping out certain items, earnings were $1.24 per share. That tops the $1.20 per share that analysts polled by Zacks Investment Research were looking for.
Fuels costs increased to $1.93 per gallon compared with $1.81 per gallon in the year-ago period. Southwest Airlines Co. anticipates third-quarter fuel costs in a range of $1.95 to $2 per gallon.
Shares fell slightly in Thursday premarket trading.
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