April 29, 2022: -Southwest Airlines reiterated its forecast for second-quarter and 2022 profits as bookings and fares outpace a jump in labor, fuel, and airport costs.
The Dallas-based carrier expected second-quarter revenue growth of 8% to 12% more than the $5.9 billion it brought in during the same quarter of 2019, even though it planned to fly 7% less than three years ago.
Southwest’s shares increase over 2% in morning trading on Thursday, outpacing other airlines and the broader market.
The profit forecast echoes from United Airlines, Delta Air Lines, and American Airlines and points to strong travel demand and a willingness of few consumers to pay up for seats despite the sharpest spike in consumer prices since the early 1980s.
For the whole year, Southwest said it is maintaining plans to fly 4% less than in 2019. Airlines are comparing results with 2019 to show progress in their pandemic recoveries.
Carriers have been forced to be p back to capacity as staffing shortages exacerbated flight cancellations and delays in the previous year. JetBlue Airways on Tuesday said it was slashing its growth plan for 2022 by as much as 5% from a previous project to expand, flying up to 15%, sending shares tumbling.
Southwest swung to a $278 million net loss for the initial time, down from a $116 million profit a year, on $4.7 billion in revenue as it struggled with a surge in omicron infections.
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