西南航空公司（NYSE:LUV）在报告喜忧参半的第四季度业绩后，其股票交易相对平稳。 当季营业收入同比增长1.6%至69.31亿美元，低于市场预期的69.6亿美元。不包括特殊项目的营业收入达到70亿美元，同比增加3.3%。 调整后的每股收益为0.56美元，高于去年的0.38美元，并超出市场预期的0.44美元。 公司当季收入表现得益于强劲的需求、收入管理进步、市场营销演变和网络优化。近端预订尤其是在假期期间超出预期。 航空公司的调整后营业收入从一年前的1.82亿美元增长至3.97亿美元。营业支出同比下降7.9%至67亿美元，主要由于燃料成本较低。剔除燃料、特殊项目和利润分成，支出同比增长6.3%。 LUV的单位收入同比增长6.2%，收入旅客英里同比下降3.1%，供应座位英里同比下降4.4%，载客率为79.2%，而去年为78.2%。 经济燃料成本平均每加仑2.42美元，包括0.07美元的溢价支出和0.01美元的燃料对冲收益。由于使用更多的波音737-8，燃油效率同比提高了1.9%。 公司在第四季度接收了3架波音737-8飞机，2024年共计接收22架飞机，超过预期的20架。公司在2024年底总共有803架飞机，退役了34架波音737-700和2架波音737-800，并将4架退役计划推迟至2025年。 根据近期讨论，公司表示对波音在2025年超过38架飞机交付持乐观态度，并计划利用额外交付优先进行机队货币化和优化资本配置策略。 西南航空在2024年底以87亿美元现金和现金等价物结束，并拥有10亿美元的全额可用信用额度和163亿美元的不受限制资产，其中包括133亿美元的飞机价值。 公司拥有20亿美元的净现金头寸，杠杆率为43%，在2024年向股东返还了6.8亿美元，并计划在2025年第一季度执行7.5亿美元的加速股票回购。 西南航空在2024年度产生了4.62亿美元的营业现金流，而去年同期为31.4亿美元。 总裁兼首席执行官Bob Jordan表示：“展望未来，我们将继续执行和提供‘Southwest. Even Better.’转型计划，这是我们53年历史上最大，最全面的计划。为了实现这一目标，我们最近与Chase达成了修订后的联合品牌协议，提供了与我们的指定和高级座位计划相关的增强的持卡人福利，并支持我们在投资者日宣布的多年度财务目标。” 2025年第一季度指导意见：西南航空预计RASM同比增长5%-7%，ASM同比下降2%-3%，CASM-X同比增长7%-9%，经济燃料成本为每加仑2.50至2.60美元。 2025年展望：公司预计，剔除特殊项目的营业利润率为3%-5%，ROIC为5%-8%，ASM同比增长1%-2%。 2027年目标：公司目标是不包括特殊项目的营业利润率≥10%，ROIC≥15%，ASM年均增长1%-2%。 股价变动：截至周四最后一次检查时，LUV股价下跌0.30美元至31.56美元。 图片通过Shutterstock。

以上内容来自Benzinga Earnings专栏，原文如下：

Southwest Airlines Company (NYSE:LUV) stock is trading relatively flat after the company reported mixed fourth-quarter results.

The operating revenue for the quarter grew increase of 1.6% year-over-year to $6.931 billion, missing the consensus of $6.96 billion. Operating revenues, excluding special items, hit $7.0 billion, up 3.3% year-over-year.

Adjusted EPS was $0.56, up from $0.38 last year, beating the consensus $0.44.

The company’ quarterly revenue performance was driven by strong demand, revenue management advances, marketing evolution, and network optimization. Close-in bookings exceeded expectations, especially during the holiday period.

The airline’s adjusted operating income rose to $397 million from $182 million a year ago. Operating expenses fell 7.9% YoY to $6.7 billion, mainly due to lower fuel costs. Excluding fuel, special items, and profit-sharing, expenses rose 6.3% year over year.

Also Read: Southwest Airlines Lifts Q4 Guidance, Launches $750 Million Stock Buyback

LUV’s unit revenue increased 6.2% YoY, Revenue passenger miles declined 3.1% Y/Y, Available seat miles were down 4.4% Y/Y, and load factor was 79.2% compared to 78.2% last year.

CASM-X rose 11.1% year-over-year, including a $92 million gain from a sale-leaseback transaction.

Fourth-quarter economic fuel costs averaged $2.42 per gallon, including $0.07 in premium expenses and $0.01 in fuel hedge gains. Fuel efficiency improved 1.9% year-over-year, driven by increased Boeing 737-8 usage.

The company received 3 Boeing 737-8 aircraft in the fourth quarter, totaling 22 in 2024, exceeding guidance of 20. It ended 2024 with 803 aircraft after retiring 34 Boeing 737-700s and two Boeing 737-800s, postponing four retirements to 2025.

Based on recent discussions, the company said it is optimistic that Boeing can exceed 38 aircraft deliveries in 2025 and plans to leverage any additional deliveries to enhance fleet monetization and optimize capital allocation strategies.

Southwest Airlines ended 2024 with $8.7 billion in cash and equivalents, a $1 billion fully available credit line, and $16.3 billion in unencumbered assets, including $13.3 billion in aircraft value.

The company held a $2 billion net cash position with 43% leverage, returned $680 million to shareholders in 2024, and plans a $750 million accelerated share repurchase in Q1 2025.

Southwest Airlines generated an operating cash flow of $462 million for the fiscal 2024, compared to $3.14 billion a year ago.

“As we look forward, 2025 will be a pivotal year as we continue to execute and deliver on our ‘Southwest. Even Better.’ transformational plan, the largest and most comprehensive in our 53-year history. To that end, we recently reached an amended co-brand agreement with Chase that provides enhanced Cardmember benefits associated with our assigned and premium seating initiative and supports the multi-year financial targets we announced at Investor Day," commented Bob Jordan, President and Chief Executive Officer.

First-quarter 2025 Guidance: Southwest sees RASM up 5%-7% YoY, ASMs down 2%-3%, CASM-X up 7% to 9%, and Economic fuel costs per gallon of $2.50 to $2.60.

2025 Outlook: The company expects an operating margin, excluding special items, of 3%–5%, ROIC of 5%–8%, and ASMs to increase 1%–2% year-over-year.

2027 Targets: The company aims for an operating margin, excluding special items, of ≥10%, ROIC of ≥15%, and ASMs to grow 1%–2% annually.

Price Action: LUV shares are trading lower by 0.30 at $31.56 at the last check Thursday.

Photo via Shutterstock.