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Tuesday, September 22, 2020
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Banking Southwest meets 2Q profit forecasts

Southwest meets 2Q profit forecasts

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DALLAS (AP) — Southwest Airlines Co. on Thursday reported second-quarter profit of $608 million.

The Dallas-based company said it had net income of 90 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $1.03 per share.

The results matched Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was also for earnings of $1.03 per share.

The airline posted revenue of $5.11 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $5.17 billion.

Southwest shares have declined 17 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 3 percent. The stock has climbed 32 percent in the last 12 months.

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