Southwest Air beats by $0.05, reports revs in-line :
- Reports Q3 (Sep) earnings of $0.93 per share, $0.05 better than the Capital IQ Consensus of $0.88; revenues fell 3.4% year/year to $5.14 bln vs the $5.17 bln Capital IQ Consensus.
- As compared with third quarter 2015, total operating revenues declined 3.4 percent on a 4.2 percent increase in available seat miles.
- Outlook: While current trends suggest a stabilization of close-in fares, the overall revenue yield environment remains soft. Based on these trends, the shift in holiday timing, and bookings thus far, the Company expects fourth quarter 2016 RASM to decline in the 4 to 5 percent range, compared with fourth quarter 2015 RASM.
- "We are excited about the fourth quarter 2016 scheduled launch of new service to Cuba from Florida4, as well as Mexico service from Los Angeles International Airport. Also, we are on track for completion of a new five-gate international terminal in Ft. Lauderdale with new international routes planned for mid-2017.
- "We also have exciting growth opportunities beyond those planned for next year. We will continue to manage our growth prudently in light of the revenue environment and increasing fuel prices. We plan to slow our 2017 available seat mile growth rate to less than 4.0 percent, year-over-year, with approximately 2.0 points of the increase relating to domestic growth."
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