RTTNews | Jul 22, 2021 06:58AM EDT

06:57 Thursday, July 22, 2021 (RTTNews.com) - Southwest Airlines Co. (LUV) reported that its second quarter net income was $348 million or $0.57 per share, compared to a loss of $915 million or $1.63 per share last year driven by a $724 million offset of salaries, wages, and benefits expenses related to the receipt of Payroll Support Program (PSP) proceeds under the Consolidated Appropriations Act, 2021 and American Rescue Plan Act of 2021.

Excluding special items, second quarter net loss was $206 million or $0.35 per share compared to a loss of $1.50 billion or $2.67 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.32 per share for the second-quarter. Analysts' estimates typically exclude special items. Quarterly operating revenues increased 297.6 percent, year-over-year, to $4.01 billion. Analysts expected revenues of $3.88 billion for the quarter.

Second quarter 2021 operating revenue per available seat mile was 11.99 cents, a decrease of 18.9 percent, compared with second quarter 2019, primarily driven by a passenger revenue yield decrease of 18.9 percent and a load factor decrease of 3.5 points.

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