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LUV is the only airline this quarter to beat street expectations on revenue so far. Total revenue was up 4% QoQ driven by strong PRASM numbers (see note on Delta for more detail). Their management noted a return in corporate travel – something we will look at very strongly. This is highly encouraging as corporate travel accounts for the bulk of industry spend.
Management said Q4 could be an inflection point – a date, most people to date have not anticipated. This is in large part due to their actions regarding lifting restrictions on a middle seat – which signals the strength of the market if they are willing to do this. Management also noted that they are seeing bookings further out and stronger than anticipated bookings into the holiday season. This is another factor that LUV, relative to the other airlines, are seeing and others are not!
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