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Southwest Airlines (LUV) Misses Q1 EPS by 2c, Revenue Beats

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April 28, 2022 6:44 AM EDT

Southwest Airlines (NYSE: LUV) reported Q1 EPS of ($0.32), $0.02 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $4.7 billion versus the consensus estimate of $4.67 billion.

Guidance and Outlook:
The following tables introduce or update selected financial guidance for second quarter 2022 and full year 2022, as applicable:
2Q 2022 Estimation
Operating revenue compared with 2019 (a) Up 8% to 12%
Load factor ~85%
ASMs compared with 2019 Down ~7%
Economic fuel costs per gallon1,4 $3.05 to $3.15
Fuel hedging premium expense per gallon $0.05
Fuel hedging cash settlement gains per gallon $0.61
ASMs per gallon (fuel efficiency) 76 to 78
CASM-X (b) compared with 20195
 Up 14% to 18%
Debt repayments (millions) ~$20
Interest expense (millions) ~$90

2022 Estimation		 Previous estimation
ASMs compared with 2019 (c) Down ~4% No change
Economic fuel costs per gallon1,4 $2.75 to $2.85 $2.25 to $2.35
Fuel hedging premium expense per gallon $0.04 $0.05
Fuel hedging cash settlement gains per gallon $0.54 $0.28
CASM-X (b) compared with 20195
 Up 12% to 16% No change
Debt repayments (millions) ~$650 ~$455
Interest expense (millions) ~$360 No change
Aircraft (d) 814 No change
Effective tax rate (e) 24% to 26% 23% to 25%
Capital spending (billions) (f) ~$5.0 No change

For earnings history and earnings-related data on Southwest Airlines (LUV) click here.


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