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Southwest (LUV) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

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For the quarter ended March 2024, Southwest Airlines (LUV - Free Report) reported revenue of $6.33 billion, up 10.9% over the same period last year. EPS came in at -$0.36, compared to -$0.27 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $6.45 billion, representing a surprise of -1.89%. The company delivered an EPS surprise of -5.88%, with the consensus EPS estimate being -$0.34.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Southwest performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Load factor: 78.3% compared to the 81.5% average estimate based on five analysts.
  • CASM, excluding Fuel and oil expense, special items, and profitsharing expense: 12.25 cents versus the four-analyst average estimate of 12.4 cents.
  • Available seat miles (ASMs): 42,248 million versus the four-analyst average estimate of 42,178.8 million.
  • Revenue passenger miles (RPMs): 33,087 million versus the four-analyst average estimate of 34,505.87 million.
  • Revenue Per Available Seat Mile (RASM): 14.98 cents versus the four-analyst average estimate of 15.27 cents.
  • Passenger revenue per ASM (PRASM): 13.52 cents versus the four-analyst average estimate of 13.84 cents.
  • Passenger revenue yield per RPM: 17.26 cents versus the three-analyst average estimate of 17.07 cents.
  • Fuel consumed: 524 Mgal versus 524.68 Mgal estimated by three analysts on average.
  • CASM, excluding Fuel and oil expense and special items: 12.25 cents versus the three-analyst average estimate of 12.33 cents.
  • Operating Revenues- Passenger [$M]: $5.71 billion versus $5.84 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +11.9% change.
  • Operating Revenues- Other: $575 million compared to the $570.45 million average estimate based on six analysts. The reported number represents a change of +2.7% year over year.
  • Operating Revenues- Freight [$M]: $42 million versus $44.69 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +2.4% change.
View all Key Company Metrics for Southwest here>>>

Shares of Southwest have returned +0.1% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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