- Southwest Airlines Co (NYSE:LUV) reported that July 2021 operating revenues performed in line with expectations, a decrease of ~12% (estimated a reduction of 10-15%) compared to July 2019, driven primarily by strong leisure passenger traffic and fares above July 2019 levels.
- Capacity (available seats per miles) was up 41% year-over-year and down 3% compared to July 2019. The load factor was ~87%.
- July 2021 managed business revenues also performed according to expectations and decreased ~63% compared with July 2019.
- Southwest Airlines has experienced a deceleration in close-in bookings and an increase in close-in trip cancellations in August 2021 due to a rise in COVID-19 cases associated with the Delta variant and believes these trends will make it difficult for the Company to be profitable Q3.
- The Company continues to expect 3Q21 unit costs to increase in the range of 1 to 5 %, compared with 3Q19, and economic fuel costs to be $2.05 to $2.15 per gallon.
- August 2021 operating revenue is estimated to be down 15% to 20% compared to 2019 (prior expectations were lower by 12% to 17%).
- Southwest Airlines sees 3Q21 operating sales down 15-20% vs. 2019 levels, load factor 80-85%, and available seat miles up ~49% Y/Y.
- As of August 9, 2021, the Company had cash and short-term investments of ~$16.9 billion.
- Price Action: LUV shares are trading lower by 0.03% at $51.10 during the market session on Wednesday.
- Photo by Eric Salard via Wikimedia
Tetra Technologies Q4 Sales $113.15M Beat $108.30M Estimate
Tetra Technologies (NYSE:TTI) reported quarterly sales of $113.15 million which beat the analyst consensus estimate of $108.30 million by 4.48 percent. This is a 49.95 percent increase over sales of $75.46 million the
