Southwest Airlines (NYSE: LUV) reported Q1 EPS of $0.61, $0.02 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $4.88 billion versus the consensus estimate of $4.92 billion.

Revenue Results and Outlook

The Company's total operating revenues increased 1.2 percent, year-over-year, to a first quarter record $4.9 billion, driven largely by first quarter record passenger revenues of $4.4 billion. On a unit basis, operating revenues declined 2.8 percent, year-over-year, which was in line with the Company's expectations. Demand for Southwest's low fares remained strong and the fare environment remained competitive, resulting in a 2.6 percent decline in passenger revenue yield. Based on current bookings and improved yield trends, the Company expects positive year-over-year RASM in second quarter 2017.

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