Southwest Airlines enjoyed “significant progress” in 2023, the company said as it reported its fourth quarter and full year 2023 financial results.
The carrier had record fourth quarter and full year 2023 revenue performance due to healthy leisure demand and continued yield strength, especially during the holiday periods, coupled with record fourth quarter ancillary revenue, loyalty programme revenue, and passengers carried.
Close-in bookings, including managed business bookings, performed at the better end of expectations in November and December, driving fourth quarter unit revenues to outperform the company’s previous guidance range.
Bob Jordan, president and CEO, said: “2023 was a year of significant progress. We finished the year a much stronger Company thanks to the efforts of our incredible People.
“We completed a comprehensive winter action plan, restored our network, reached full utilisation of our fleet, delivered significant new capabilities for our Customers, and had our best fourth quarter completion factor in more than a decade.
“And, importantly, we have maintained the strength of our investment grade balance sheet, despite the extraordinary challenges over the past few years.
“Our quarterly performance was at the better end of our expectations and included fourth quarter and full year records for operating revenues and passengers.
“We ratified five labour agreements in 2023, and with the successful ratification of an industry-leading contract for our pilots, we have now ratified a total of nine agreements in just over a year, providing competitive market compensation packages to our outstanding people.”
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