Southwest cuts Q2 RASM guidance to down 4.0-4.5% vs prior down 1.5-3.5%

SOUTHWEST AIRLINES CO

RASM now expected down 4.0-4.5% YoY; prior view was 1.5-3.5% decline; still forecasts all-time quarterly record operating revenue.
Q2 capacity up 8-9% YoY; Q3 low-single-digit increase, Q4 low- to mid-single-digit decrease; full year ~4% rise.
Economic fuel cost guidance unchanged at $2.70-$2.80/gal; CASM-X up 6.5-7.5% YoY.
Completion factor ~99.5% in Q2 despite challenging weather; early lease returns shifted ~$9M debt repayments.
Company to share full strategic plan at Investor Day in September 2024.

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