![]() It's helpful to remember that we have historically lagged in terms of impact to revenues going into a recession, and we have typically lagged recovery coming out. As always, we'll continue to monitor the environment and be ready to respond if needed. But so far, demand remains strong, and we haven't seen material impacts to our business. ![]() It seems that all of us know someone who has this latest strand of COVID, inflation pressures are real, and they are worried about a potential recession.Ĭonsumer and business sentiment is down, and there are data points out there that could indicate early signs of a slowdown. Our third quarter guidance is based on our current outlook and excludes any significant unforeseen events, but I'll admit that there's a lot of noise out there right now. I'm just extremely thankful for all of their efforts in getting us to this point in the pandemic recovery. We've made tremendous progress, and our people have a lot to be proud of. We're slightly ahead of our overall staffing plan and our operational reliability is much improved. Energy prices have moderated a bit recently, but remain high, and we expect to have another meaningful fuel hedging gain here in Q3.īut most importantly, we remain largely on our plan for this year. We continue to experience both inflationary pressures and headwinds from lower productivity and efficiency. Looking forward, demand continues to be strong. It's just an incredible turnaround from last year, not to mention just a quarter ago. I want to congratulate them on the progress that we've made together. ![]() It is all because of the people at Southwest Airlines, and I want to just say a huge thank you to them for a job very well done. We also produced an all-time record quarterly net income, excluding special items, of $825 million. Andrew will cover the revenue details, but Q2 operating revenues increased 13.9% versus Q2 2019 to an all-time quarterly record of $6.7 billion despite Q2 managed business revenue still down 24% and capacity that was still down about 7%. ![]()
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