Wall Street analysts expect Southwest Airlines (LUV Quick QuoteLUV - Free Report) to post quarterly earnings of $0.52 per share in its upcoming report, which indicates a year-over-year increase of 20.9%. Revenues are expected to be $8.58 billion, up 18.4% from the year-ago quarter.

The consensus EPS estimate for the quarter has been revised 34.6% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

That said, let's delve into the average estimates of some Southwest metrics that Wall Street analysts commonly model and monitor.

Analysts predict that the 'Operating Revenues- Passenger [$M]' will reach $7.86 billion. The estimate points to a change of +18.7% from the year-ago quarter.

According to the collective judgment of analysts, 'Operating Revenues- Other' should come in at $661.19 million. The estimate indicates a change of +15.4% from the prior-year quarter.

The combined assessment of analysts suggests that 'Operating Revenues- Freight [$M]' will likely reach $51.87 million. The estimate points to a change of +17.9% from the year-ago quarter.

It is projected by analysts that the 'Load factor' will reach 81.4%. Compared to the current estimate, the company reported 78.5% in the same quarter of the previous year.

Based on the collective assessment of analysts, 'Passenger revenue per ASM (PRASM)' should arrive at N/A. Compared to the present estimate, the company reported N/A in the same quarter last year.

Analysts' assessment points toward 'Revenue passenger miles (RPMs)' reaching 38.50 billion. The estimate compares to the year-ago value of 36.89 billion.

Analysts expect 'Available seat miles (ASMs)' to come in at 47.11 billion. Compared to the current estimate, the company reported 47.00 billion in the same quarter of the previous year.

The collective assessment of analysts points to an estimated 'CASM, excluding Fuel and oil expense, special items, and profit sharing expense' of N/A. The estimate compares to the year-ago value of N/A.

Analysts forecast 'Revenue Per Available Seat Mile (RASM)' to reach N/A. The estimate compares to the year-ago value of N/A.

The average prediction of analysts places 'Passenger revenue yield per RPM' at N/A. Compared to the present estimate, the company reported N/A in the same quarter last year.

The consensus among analysts is that 'Operating Expense per ASM (CASM)' will reach N/A. The estimate compares to the year-ago value of N/A.

The consensus estimate for 'Fuel consumed' stands at 544 millions of gallons. The estimate compares to the year-ago value of 570 millions of gallons.

Southwest shares have witnessed a change of +0.2% in the past month, in contrast to the Zacks S&P 500 composite's +0.6% move. With a Zacks Rank #3 (Hold), LUV is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .