Southwest Q4 GAAP loss $0.37/sh but adjusted profit $0.37; record revenue; 2024 margin expansion expected

SOUTHWEST AIRLINES CO

2023-FY EPS reported $0.76 revenue$26,091,000,000

Q4 GAAP net loss $219M ($0.37/sh); adjusted net income $233M ($0.37/sh); full-year adjusted EPS $1.57.
Record Q4 revenue $6.8B (+10.5% YoY); full-year revenue $26.1B (+9.6% YoY).
Q1 2024 RASM outlook +2.5-4.5% YoY; capacity +~10% Q1, +~6% full year; CASM-X +6-7% full year.
Expects ~$1.5B incremental pre-tax profit in 2024; aims to earn cost of capital and expand operating margin.
Ended 2023 with $11.5B cash; net cash $3.5B; 2024 capex $3.5-4.0B; plans headcount flat to down YoY.

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