Southwest Q2 net income $367M ($0.58 EPS); announces assigned seating, redeye flights

SOUTHWEST AIRLINES CO

2024-Q2 EPS reported $0.23 revenue$13,683,000,000

Net income $367M ($0.58 diluted EPS); record revenue $7.4B but unit revenue down 3.8% YoY.
Q3 RASM guidance flat to down 2% YoY; Q4 capacity to decrease 4% YoY; expects positive unit revenue inflection by Q4.
To assign seats and offer premium extended-legroom seating (~1/3 of seats); open seating ended after 50+ years.
Intro of redeye flights starting Feb 2025 on 5 routes; expects to fund nearly all new capacity without incremental aircraft capital.
Ryan Green named EVP Commercial Transformation to lead new initiatives; Investor Day set for late September.

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