Southwest shares drop premarket after revenue miss; expects 737 MAX return in Q4
Southwest Airlines Co. shares LUV, +1.11% slid 2.2% in premarket trade Thursday, after the company beat profit estimates for the second quarter but missed its sales estimate. Southwest said it had net income of $741 million, or $1.37 a share, in the second quarter, up from $733 million, or $1.27 a share, in the year-earlier period. Revenue rose to $5.909 billion from $5.742 billion. The FactSet consensus was for EPS of $1.34 and revenue of $5.936 billion.
The airline has had preliminary talks with Boeing on compensation for damages due to the groundings, but "We have not reached any conclusions regarding these matters, and no amounts from Boeing have been included in our second quarter results," he said. Southwest is assuming regulatory approval of MAX return to service in the fourth quarter and will extend flight schedule adjustments through January 5, 2020.
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