Southwest Airlines Co

LUV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$85.00	Bzwp	Jsdldvytl

Southwest Airlines Earnings: Pivots Some Capacity and Takes Unit Cost Hit, Most of It Is Temporary

Brian Bernard , Nicolas Owens

Apr 28, 2023

As we expected, Southwest Airlines reported a first-quarter net loss due to extra costs and $325 million of lost revenue in January and February related to the firm’s disruptive cancellation of more than 16,700 flights in late December. After reviewing Southwest’s first-quarter results and adjusting for a revised 2023 outlook, we’ve lowered our fair value estimate approximately 2% to $54 per share.

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