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Southwest Airlines cuts Q2 revenue per seat miles forecast
Shares down 4% premarket (Il Sole 24 Ore Radiocor) - New York, 26 Jun - Southwest Airlines said it had lowered its second-quarter forecast for revenue per available seat miles (RASM), manly due to "complexities in adapting its revenue management to current booking patterns".
RASM, a proxy for pricing power, is now expected to decline by 4.0-4.5% in the second quarter compared with a prior expectation of a 1.5-3.5% on a year-over-year basis, the airline said in a SEC filing.
"Despite lowered expectations, the company continues to expect an all-time quarterly record for operating revenue in second quarter 2024," it said.
Completion factor quarter-to-date has averaged approximately 99.5% despite challenging weather in Texas and Florida, it added.
Shares were down 4% in premarket trade.
AAA-Sje
(RADIOCOR) 26-06-24 14:06:56 (0401) 5 NNNN