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Southwest Airlines Reports Record Third Quarter Revenue of $5.6B, Record Net Income of $659M

Updated: Jan 11, 2020

On Thursday, Southwest Airlines reported Record third quarter revenue of $5.6B, record net income of $659M and diluted earnings per share (EPS) of $1.23. The company reported an operating margin of 14.5% and a net margin of 11.7%.

SWA B737 at McCarran International Airport - Las Vegas, Nevada - Courtesy Southwest Airlines

Today, Southwest Airlines (NYSE: LUV) reported their third quarter results with record revenue and net income. The airline reported a net income of $659M on $5.6B in revenue. Earnings per diluted share (EPS) came in at $1.23 and Southwest reported an operating margin of 14.5%, with a net margin of 11.7%. Additionally, the company reported a third quarter operating cash flow of $1.1B and free cash flow of $716M. During the quarter the company returned $596M to shareholders by way of share repurchases and dividends. Revenue per available seat mile (RASM) increased 4.2% in Q3 to a record 14.32 cents and cost per available seat mile (CASM) increased 4% versus Q3 2018. In the third quarter report, Southwest Airlines Chairman and CEO, Garry Kelly stated,

“Our third quarter 2019 record financial performance was notable considering an estimated $210 million reduction in operating income due to the continued grounding of the Boeing 727 MAX 8 aircraft (MAX). Notwithstanding this challenge, we generated record third quarter operating and unit revenues; solid margins; strong cash flows and returns to Shareholders; and a healthy profit-sharing accrual for our Employees. I am extremely grateful to our People for their unwavering commitment to the highest levels of Customer Service and applaud them for one of the best third quarter operational performances in our history.”

Mr. Kelly went on to say that Southwest estimates a reduction in operating income of $435M through September 30, 2019 can be attributed to the continued MAX grounding. Eventually, the company expects to receive a settlement from Boeing for damages and discussions are ongoing. The third quarter results don’t include any projected settlement amounts. Southwest expects their cost per available seat mile (CASM) to increase between 4-6% in the fourth quarter compared to Q4 2018. In early afternoon trading, shares of Southwest Airlines (NYSE: LUV) were trading around 5% higher at $55.90/share (12:01PM EDT).

Source: Southwest Airlines



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