Southwest cuts Q1 RASM guidance to +2-4% (prev +5-7%); announces bag fees & Basic fare

SOUTHWEST AIRLINES CO

Q1 RASM seen +2-4% YoY (prev +5-7%); macro softening, wildfires, less gov't travel cited.
Q1 CASM-X guided +~6% YoY (prev +7-9%); lower costs shifted later in year.
Fuel cost per gallon expected $2.35-2.45 (prev $2.50-2.60).
New bag fees: two free bags for A-List Preferred/Business Select, one for A-List/Cardmembers; others charged first two bags starting May 28.
Basic fare on lowest-priced tickets; flight credits expire 1 yr (Basic: 6 mo); Expedia distribution began.

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