文章核心观点 - Southwest航空公司CEO Bob Jordan正在努力获得投资者的支持,同时也在为由Elliott Investment发起的代理人战斗做准备 [1][2][3][4] - Elliott Investment是一家以激进方式改变陷入困境公司的对冲基金,他们计划在股东大会上推翻10名董事会成员,并撤换Jordan和董事长Gary Kelly [3][5][6] - Southwest面临高昂的运营成本和较低的单位收益,导致其利润率大幅下降,与同行相比表现较差 [9] - 为应对这一局面,Southwest公司已经做出一些改变,如取消固定座位制度并计划推出高级舱位 [10] - Elliott Investment预计其改革计划将使Southwest股价在一年内上涨超过85%至每股49美元,但尚未公开具体细节 [15] 公司概况 - Southwest是一家低成本航空公司,以其品牌形象和定价策略在业内树立了地位 [8] - 公司一直依赖波音飞机,受到监管部门对波音安全问题的严格审查的影响 [9] - 与高端航空公司的价格战使Southwest在竞争中处于劣势 [9] 行业分析 - 同行Delta和United的营业利润率分别为9.5%和7.4%,而Southwest仅为0.2% [9] - 航空公司普遍面临运营成本上升和单位收益增长乏力的挑战 [9][10] - 激进投资者对行业内公司管理层和战略的不满情绪较高 [5][6][13]

Activist hedge fund Elliott Investment Management has launched a battle to seize control of the board at Southwest Airlines as it pushes to oust the airline’s chief executive and improve performance, the firm said.Elliot seeks to replace 10 of 15 directors, escalating a proxy fight over who should lead the airline and how it should change. The board nominees by the firm include transportation and airline bigwigs like Michael Cawley, a former Ryanair executive; David Cush, Virgin Air’s former CEO; Robert Mil ...

Key TakeawaysElliott Investment Management says it intends to nominate 10 directors to Southwest Airlines' 15-person board.Elliott, which manages funds that own around 11% of the Dallas-based airline, has been fighting to change the board and leadership at the carrier.Southwest said it will evaluate Elliott's director nominees as "part of its ongoing board refreshment process." Its shares were little changed in morning trading. Elliott Investment Management is preparing to launch a fight for control for co ...

Elliott Intends to Nominate Ten Independent, Highly Qualified CandidatesCandidates Bring Best-in-Class Experience in Airlines, Technology, the Consumer and Hospitality Sectors, Labor Relations and Regulatory OversightElliott Takes Key Step Toward Implementing Urgent Changes at SouthwestFull Materials Available at StrongerSouthwest.comWEST PALM BEACH, Fla., Aug. 13, 2024 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an approximately 11% economic intere ...

Activist investor Elliott Management is preparing to launch a proxy fight at Southwest Airlines, and intends to nominate as many as 10 directors to the company's 15-person board, according to a person familiar with the matter.Elliott plans to call a special meeting, rather than waiting for the company's annual shareholder meeting, the person said. Southwest's last shareholder meeting was held in May.The activist has already amassed an economic interest of roughly 11%, although only 7% is in common stock. El ...

DALLAS, July 31, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) Board of Directors declared a quarterly cash dividend of $.18 per share to Shareholders of record at the close of business on September 4, 2024, on all shares then issued and outstanding. The quarterly dividend will be paid on September 25, 2024. SW-DSR SOURCE Southwest Airlines Co. ...

Traveling has long been many people’s favorite way to spend their leisure time. Whether going to popular tourist destinations with friends or visiting loved ones across the country, traveling is many people’s favorite thing to look toward during a summer vacation. Considering the timing, investors might want to look into travel stocks.The travel industry has rebounded from the lows during the pandemic, so many might believe that now is a great time to buy travel stocks. However, there are still reasons to b ...

Key TakeawaysElliott Investment Management again criticized Southwest executives following the carrier's announcement of new revenue-enhancing efforts. The private equity firm blamed Southwest's management for waiting too long to make needed changes, and called for a shakeup.Elliott took a $1.9 billion stake in the airline in June, when it first said it wanted new leadership at Southwest. The friction between Elliott Investment Management and the leadership of Southwest Airlines (LUV) intensified after the ...

财务表现 - 公司第二季度营业收入达74亿美元,创历史新高,主要得益于创纪录的乘客人数、客票收入和附加收入,以及第二季度会员数量创新高[171] - 公司第二季度GAAP和非GAAP基础的营业收入和净收入同比下降,主要由于薪资、福利和燃油价格上升[175] - 公司2024年上半年GAAP和非GAAP基础的营业收入和净收入同比大幅下降,主要由于薪资福利和维修费用上升[176][177] - 公司2024年第二季度GAAP基础的每股收益为0.58美元,非GAAP基础的每股收益也为0.58美元[173][174] - 公司2024年上半年GAAP基础的每股收益为0.23美元,非GAAP基础的每股收益为0.25美元[176][177] - 公司2024年上半年营业收入同比下降54.5%,主要由于特殊项目影响[233] - 公司2024年上半年税前利润同比下降50.8%,主要由于特殊项目影响[236] - 公司报告第二季度净利润为3.67亿美元,同比下降49.6%[238] - 每股摊薄净收益为0.58美元,扣除特殊项目后为0.58美元,同比下降51.3%[239] - 不含燃油费、特殊项目和利润分享的每可用座公里成本为11.50美分,同比增加6.0%[240,241] - 公司调整后的营业利润为4.41亿美元[243] - 公司调整后的税前投资回报率为2.3%,税后投资回报率为1.7%[246] 财务预测 - 公司预计第三季度RASM同比持平至下降2%,ASM同比增长约2%,燃油成本为每加仑2.60美元至2.70美元[179] - 公司预计2024年全年ASM同比增长约4%,燃油成本为每加仑2.70美元至2.80美元,CASM-X同比增长7%至8%[180] - 公司预计2024年资本支出约25亿美元,有效税率约24%[180] - 公司预计2024年利息费用约2.52亿美元,定期偿还债务约2900万美元[180] - 公司第三季度2024年单位收益预计将同比持平至下降2%，运力同比增长约2%[181] 机队规模和更新 - 公司计划2024年交付20架波音737-8飞机,退役35架飞机,其中包括31架737-700和4架737-800[180] - 公司机队规模预计将从2024年末的817架减少至约802架[189] - 公司预计未来几年内交付的MAX飞机将对其现代化机队、减少碳排放强度和实现近期环境可持续性目标至关重要[199] 营业成本 - 公司第二季度维修材料和维修费用同比增加29.2%,主要由于-700和-800机队发动机大修费用增加、机身维修费用上升以及座椅翻新材料采购增加[205] - 公司第二季度着陆费和机场租金费用同比增加11.3%,主要由于机场租金费用上升[206] - 公司第二季度折旧和摊销费用同比增加10.1%,主要由于加快退役-700机型的折旧以及新增-8机型[207] - 2024年上半年维修材料和维修费用同比增加39.1%，主要由于发动机维修费用增加[222] - 2024年上半年着陆费和机场租金费用同比增加12.5%，主要由于机场租金费用上升[223] - 2024年上半年折旧和摊销费用同比增加11.1%，主要由于加快退役部分-700机型的折旧以及新增-8机型[224] - 2024年上半年其他营业费用同比增加10.5%，主要由于广告费、收入相关费用和机组人员津贴等增加[225] - 2024年上半年燃油成本和油费总额同比增加14.0%[230] - 2024年上半年燃油套期保值收益为4000万美元，低于2023年上半年的10300万美元[230] - 2024年上半年燃油套期保值费用为7800万美元，高于2023年上半年的6100万美元[230] 现金流和资产负债 - 公司在2024年6月30日结束的三个月和六个月期间的经营活动现金流量分别为-2300万美元和-1.28亿美元[254,255] - 2024年6月30日结束的六个月期间的投资活动现金流量为-7.91亿美元,主要包括资本支出和公司短期及非流动投资的变动[256] - 2024年6月30日结束的六个月期间,公司支付了2.15亿美元的现金股利,并偿还了1.6亿美元的融资租赁义务[258] - 截至2024年6月30日,公司持有100亿美元的未受限现金和短期投资,并拥有约171亿美元的未抵押资产[262,263] - 截至2024年6月30日,公司机队包括817架飞机,其中740架自有,77架租赁[264] 风险管理 - 公司多年期燃油套期保值计划继续提供对冲能源价格波动的保护[200] - 公司的燃油套期保值头寸于2024年6月30日的公允价值净资产为2.2亿美元,公司采取措施管理相关的信用风险[270,271,272] - 公司使用金融衍生工具对冲航油价格波动风险[273] - 信用卡交易处理商存在财务风险，可能要求公司建立现金储备[274,275] - 公司维持有效的信息披露控制和程序，确保信息的准确性和及时性[277] 法律诉讼 - 公司正在配合司法部门的调查，并就集体诉讼达成了1500万美元的和解[280] - 公司被指违反USERRA法案未提供有薪短期军事休假，正在应诉[281,282] - 公司董事会被指未尽监督职责而遭派生诉讼，目前案件仍处于中止状态[283] - 公司被指

DALLAS, July 26, 2024 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) has new flights available for booking today as the carrier continues responding to Customer demand and preferences with additional service around popular events in Southwest® destinations, as well as redeye operations for the first time. Flexibility for Football After expanding our college football and professional football playbooks, Southwest Airlines®—the Official Airline of the Southeastern Conference—is kicking off additional roun ...