Southwest cuts Q1 RASM guidance, expects net loss; Boeing delivery delay reduces capacity plans

SOUTHWEST AIRLINES CO

Q1 RASM guidance cut to flat-to-up-2% (prev 2.5-4.5%); expects Q1 net loss, but profitability in March.
Boeing cuts 2024 deliveries to 46 (prev 79); zero -7 deliveries; H2 capacity growth cut by at least 1 point.
CASM-X guidance raised to up ~6% (prev 5-6%); hiring halted for pilots and flight attendants; year-end headcount down YoY.
Economic fuel cost guidance raised to $2.95-$3.00/gal (prev $2.70-$2.80).
Full year 2024 guidance including capex to be updated with Q1 earnings on April 25.

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