Southwest Airlines' third-quarter profit fell 30% to $193 million despite record revenue as leisure travel boomed over the summer.
Employees stand by an empty Southwest Airlines ticket counter on Tuesday, April 18, 2023, in Oklahoma City. Southwest Airlines reports earnings on Thursday, Oct. 26, 2023 DALLAS — Southwest Airlines’ third-quarter profit fell 30% to $193 million despite record revenue as leisure travel boomed over the summer.Southwest predicted Thursday that a key measure of pricing power will fall sharply in the fourth quarter and it will scale back its aggressive growth plans early next year.
Labor costs rose by $406 million, an increase of more than 17%. The airline saved $186 million because fuel was cheaper than a year earlier. Fuel prices have been rising recently, however, and Southwest expects to pay more per gallon in the fourth quarter than it did in the third. CEO Robert Jordan said that Southwest is slowing its growth rate in 2024 “to absorb current capacity, mature development markets, and optimize schedules to current travel patterns.”
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Southwest Airlines quarterly profit slides 30% and says growth will slow next yearSouthwest Airlines earned $193 million in the third quarter, 30% less than its profit a year ago. Southwest said Thursday that revenue was a record, however, as leisure travel boomed over the summer. The profit per share matched Wall Street expectations, while revenue was a bit less than analysts had predicted.
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Southwest Airlines quarterly profit slides 30% and says growth will slow next yearSouthwest Airlines earned $193 million in the third quarter, 30% less than its profit a year ago.
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