Southwest Airlines Beats Q2 Forecasts

DALLAS (AP) – Customers seeking out low airfares gave Southwest a strong revenue boost in its second quarter, helping the airline to beat Wall Street’s expectations.

Revenue climbed to $5.74 billion from $5.38 billion, as passenger revenue surged to a quarterly record of $5.2 billion.

The airline earned $746 million, or $1.23 per share, for the three months ended June 30. A year earlier the Dallas-based company earned $820 million, or $1.28 per share.

Stripping out certain items, earnings were $1.24 per share. That tops the $1.20 per share that analysts polled by Zacks Investment Research were looking for.

Fuels costs increased to $1.93 per gallon compared with $1.81 per gallon in the year-ago period. Southwest Airlines Co. anticipates third-quarter fuel costs in a range of $1.95 to $2 per gallon.

Shares fell slightly in Thursday premarket trading.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

More From CBS Dallas / Fort Worth

Drip Pan: CBS Local App
Drip Pan: Weather App
Drip Pan: Restaurant Week 365

Watch & Listen LIVE