西南航空公司（NYSE:LUV）在報告喜憂參半的第四季度業績後，其股票交易相對平穩。 當季營業收入同比增長1.6%至69.31億美元，低於市場預期的69.6億美元。不包括特殊項目的營業收入達到70億美元，同比增加3.3%。 調整後的每股收益爲0.56美元，高於去年的0.38美元，並超出市場預期的0.44美元。 公司當季收入表現得益於強勁的需求、收入管理進步、市場營銷演變和網絡優化。近端預訂尤其是在假期期間超出預期。 航空公司的調整後營業收入從一年前的1.82億美元增長至3.97億美元。營業支出同比下降7.9%至67億美元，主要由於燃料成本較低。剔除燃料、特殊項目和利潤分成，支出同比增長6.3%。 LUV的單位收入同比增長6.2%，收入旅客英里同比下降3.1%，供應座位英里同比下降4.4%，載客率爲79.2%，而去年爲78.2%。 經濟燃料成本平均每加侖2.42美元，包括0.07美元的溢價支出和0.01美元的燃料對沖收益。由於使用更多的波音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飛機，2024年共計接收22架飛機，超過預期的20架。公司在2024年底總共有803架飛機，退役了34架波音737-700和2架波音737-800，並將4架退役計劃推遲至2025年。 根據近期討論，公司表示對波音在2025年超過38架飛機交付持樂觀態度，並計劃利用額外交付優先進行機隊貨幣化和優化資本配置策略。 西南航空在2024年底以87億美元現金和現金等價物結束，並擁有10億美元的全額可用信用額度和163億美元的不受限制資產，其中包括133億美元的飛機價值。 公司擁有20億美元的淨現金頭寸，槓桿率爲43%，在2024年向股東返還了6.8億美元，並計劃在2025年第一季度執行7.5億美元的加速股票回購。 西南航空在2024年度產生了4.62億美元的營業現金流，而去年同期爲31.4億美元。 總裁兼首席執行官Bob Jordan表示：“展望未來，我們將繼續執行和提供‘Southwest. Even Better.’轉型計劃，這是我們53年歷史上最大，最全面的計劃。爲了實現這一目標，我們最近與Chase達成了修訂後的聯合品牌協議，提供了與我們的指定和高級座位計劃相關的增強的持卡人福利，並支持我們在投資者日宣佈的多年度財務目標。” 2025年第一季度指導意見：西南航空預計RASM同比增長5%-7%，ASM同比下降2%-3%，CASM-X同比增長7%-9%，經濟燃料成本爲每加侖2.50至2.60美元。 2025年展望：公司預計，剔除特殊項目的營業利潤率爲3%-5%，ROIC爲5%-8%，ASM同比增長1%-2%。 2027年目標：公司目標是不包括特殊項目的營業利潤率≥10%，ROIC≥15%，ASM年均增長1%-2%。 股價變動：截至週四最後一次檢查時，LUV股價下跌0.30美元至31.56美元。 圖片通過Shutterstock。

以上內容來自Benzinga Earnings專欄，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.