Welcome to our dedicated page for Southwest Airlines Co. news (Ticker: LUV), a resource for investors and traders seeking the latest updates and insights on Southwest Airlines Co. stock.
Southwest Airlines Co. (NYSE: LUV) is the largest domestic air carrier in the United States, renowned for its low-cost air travel and exceptional customer service. Headquartered in Dallas, Texas, Southwest operates over 800 Boeing 737 aircraft, providing point-to-point flights to 121 airports across 11 countries. The airline, established in 1971, is committed to democratizing air travel through its affordable and reliable services, making it a favorite among passengers.
Southwest is celebrated for its employee-first culture, maintaining an impressive record of no involuntary furloughs or layoffs. The company employs nearly 75,000 people who deliver unparalleled hospitality, carrying over 137 million customers in 2023. This dedication to service and employee satisfaction has resulted in 47 consecutive years of profitability, an unparalleled achievement in the airline industry.
Recent achievements include a new labor contract agreement with the Transport Workers Union Local 556, covering nearly 20,000 flight attendants, which ensures better compensation and working conditions. The company’s focus on sustainability is evident in its goal to achieve net zero carbon emissions by 2050, supported by near-term targets and a three-pillar strategy to meet its environmental objectives.
Southwest also recently reported its financial results for the first quarter of 2024. Despite a loss in the first quarter, the airline saw a healthy profit margin by March, driven by strong demand and strategic network adjustments. However, the company faces significant challenges due to aircraft delivery delays from Boeing, prompting a reevaluation of its operations and financial strategies.
Southwest is undergoing significant leadership transitions, including the promotion of Jason Van Eaton to Executive Vice President, Chief Regulatory & Corporate Affairs Officer, and Jeff Novota to Vice President General Counsel & Corporate Secretary. These changes are expected to strategically enhance the company’s operational and regulatory framework.
Additionally, the company is in discussions with Elliott Investment Management, which has recommended new leadership and strategic changes to improve performance. Elliott’s involvement underscores the necessity for modernization within Southwest's operations to maintain its competitive edge in the airline industry.
Southwest Airlines continues to innovate and adapt, ensuring its commitment to providing low-cost, high-quality air travel while focusing on environmental sustainability and operational excellence.
Southwest Airlines (NYSE: LUV) has announced it will host a live webcast to discuss its third quarter 2024 financial results on Thursday, October 24, 2024, at 12:30 PM Eastern Time. The presentation will feature key executives including President and CEO Bob Jordan, COO Andrew Watterson, and CFO Tammy Romo. Investors and interested parties can access the webcast through Southwest Airlines' investor relations website, with registration opening 20 minutes before the call.
Southwest Airlines (NYSE: LUV) celebrated its 100th Live at 35® concert with a surprise performance by GRAMMY Award-winning songwriter Liz Rose on Flight #1989 from Nashville to Miami on Oct. 17, 2024. Rose, known for her collaborations with Taylor Swift, performed hits like "All Too Well" and "You Belong with Me" at 35,000 feet.
The Live at 35 program, launched in 2011, brings live music to Southwest flights. Customers received commemorative concert cards and custom friendship bracelets. Rose was accompanied by songwriter Phil Barton on guitar, in a collaboration with The Bluebird Cafe, Southwest's official partner since 2015.
Southwest's Vice President of Communications and Brand Reputation, Sarah Falvey, highlighted the airline's commitment to supporting big events and surprising customers. The airline also supports emerging artists through its On The Rise program.
Darling Ingredients Inc. (NYSE: DAR) announced that its joint venture Diamond Green Diesel (DGD) will supply sustainable aviation fuel (SAF) to Chicago Midway International Airport. The two-year agreement involves Valero Marketing and Supply Company and Southwest Airlines Co. (NYSE: LUV). Southwest will purchase a minimum of 3.6 million gallons of neat SAF, with an option to buy up to 25 million gallons.
The SAF, produced from waste-based feedstocks, is expected to reduce lifecycle greenhouse gas emissions by up to 80% compared to conventional jet fuel. It will be certified by a CORSIA-approved Sustainability Certification Scheme. The DGD Port Arthur plant will be able to upgrade about 50% of its 470 million gallon annual production capacity to SAF by Q4 2024, potentially making DGD one of the world's largest SAF manufacturers.
Southwest Airlines Co. (NYSE: LUV) has announced a sustainable aviation fuel (SAF) supply agreement with Valero Marketing and Supply Company. This agreement, the largest of its kind in Illinois, will bring SAF to Chicago Midway International Airport (MDW). Key points include:
- Southwest will purchase a minimum of 3.6 million gallons of neat SAF (about 12 million gallons blended) for use as early as Q4 2024.
- The agreement has an option to purchase up to 25 million gallons of neat SAF (about 84 million gallons blended) over its two-year term.
- The SAF is expected to reduce lifecycle greenhouse gas emissions by 74% to 84% compared to conventional jet fuel.
- The agreement was facilitated by the Illinois Sustainable Aviation Fuel Purchase Credit and support from Southwest's Corporate Customers.
Elliott Investment Management L.P. has launched the 'Stronger Southwest' podcast featuring interviews with its director nominees for Southwest Airlines Co. (NYSE: LUV). The podcast aims to provide shareholders with insights into the qualifications of these nominees as Elliott seeks to elect eight new directors to Southwest's Board at a special meeting on December 10.
The first episode features Gregg Saretsky, former CEO of WestJet, discussing his 40-year aviation career and potential improvements for Southwest. Saretsky emphasizes the importance of maintaining company culture, fostering strong union relationships, and leveraging Southwest's history to regain industry prominence.
Elliott, which manages funds with an approximately 11% economic interest in Southwest, is making the podcast available on major platforms including Apple, Spotify, and YouTube. The initiative is part of Elliott's campaign to bring change to Southwest, with more information available at StrongerSouthwest.com.
Southwest Airlines (NYSE: LUV) has responded to Elliott Investment Management's request for a Special Meeting of Shareholders. Elliott seeks to remove eight Board members and elect its own candidates, potentially gaining full Board control. Southwest's Board deems this request unnecessary and disruptive to ongoing business transformation efforts.
The Board has attempted to reach a resolution, offering to appoint up to three of Elliott's candidates to a reconstituted Board. However, Elliott demands effective control of both Board and management. Southwest criticizes Elliott's lack of substantive feedback on the company's strategic plan and questions its true intentions.
Southwest reiterates recent actions taken, including comprehensive Board refreshment, corporate governance changes, and implementation of a three-year transformational plan aimed at driving revenue growth and restoring industry-leading profitability. The plan is expected to deliver approximately $4 billion in cumulative incremental run rate EBIT contribution by 2027.
Elliott Investment Management L.P., managing funds with an 11% economic interest in Southwest Airlines Co. (NYSE: LUV), has called for a Special Meeting of Shareholders on December 10, 2024. Elliott aims to elect eight independent directors and remove eight current directors from Southwest's Board. The move comes after unsuccessful attempts to persuade Southwest to implement necessary governance changes.
Elliott's proposed slate includes experienced executives from the aviation and hospitality industries. The investment firm argues that Southwest needs improved oversight and accountability to deliver on its promises and potential. Elliott urges shareholders to ensure they can vote their shares and calls on Southwest to confirm the meeting date promptly.
Southwest Airlines Co. (NYSE: LUV) and the Hispanic Association of Colleges and Universities (HACU) are celebrating the 20th year of their ¡Lánzate!/Take Off! Higher Education Travel Award Program. This year, 185 students from over 90 institutions across the United States were awarded four round trip tickets for travel between any Southwest Airlines domestic destination.
The program, which began in 2004, aims to support students studying away from home by helping them maintain family ties. Southwest has seen recipients achieve graduations, successful careers, and graduate degrees while balancing family responsibilities from afar. The airline's commitment to education extends beyond this program, including scholarships, STEM-focused learning, and career opportunities.
HACU represents more than 500 colleges and universities, offering various programs such as internships, scholarships, and professional leadership development opportunities.
Southwest Airlines (NYSE: LUV) launches its Week of WOW sale from Oct. 1-3, 2024, offering up to 40% off base fares for travel between Oct. 29, 2024, and Jan. 31, 2025 (continental U.S.) or March 5, 2025 (international, Hawaii, Puerto Rico). The airline also introduces cruise bookings through a partnership with World Travel Holdings, allowing Rapid Rewards Members to earn points on cruise bookings.
Additional offers include:
- 50% off Rapid Rewards points purchases
- Up to $250 savings on vacation packages
- Up to 30% off Budget car rentals
- Extra 2,000 points on hotel bookings
- Sweepstakes with up to 10 million Rapid Rewards bonus points
- Credit card promotions for new and existing cardmembers
The sale aims to provide customers with attractive travel deals for fall and winter, complemented by Southwest's flexible policies.
Elliott Investment Management L.P. has released a statement criticizing Southwest Airlines' (NYSE: LUV) Investor Day presentation and leadership. The statement highlights:
- Skepticism about Southwest's promises of future improvements, citing past failed initiatives
- Criticism of CEO Bob Jordan's leadership, pointing to profitability deterioration under his tenure
- Concerns about the timeline for implementing assigned seating and premium products
- Elliott's intention to call a special meeting for shareholders to elect a new Board of Directors
Elliott disclosed a combined economic exposure of approximately 11.0% of Southwest's outstanding common stock. The statement indicates Elliott's determination to pursue changes in Southwest's leadership and strategy.
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