WEST
PALM BEACH, Fla., June 26,
2024 /PRNewswire/ -- Elliott Investment Management
L.P. ("Elliott"), today released the following statement on behalf
of Partner John Pike and Portfolio Manager Bobby Xu regarding Southwest Airlines Co. (NYSE:
LUV) (the "Company" or "Southwest") and its revenue guidance
reduction announcement:
Today's announcement marks the eighth guidance
reduction at Southwest Airlines in the last 18 months with RASM
(revenue per available seat mile) now expected to decline 4% to
4.5% in the second quarter, a significant reduction relative to the
guidance that Southwest's management team provided only two months
ago. Southwest's industry-trailing revenue performance is clearly
continuing along the same disappointing trend line, despite
management's repeated promises for improvement and today's empty
statement that the Company is focusing on "delivering operational
excellence."
Southwest is led by a team that has proven
unable to adapt to the modern airline industry; the Company's
release today seems to admit as much by stating that the revenue
guidance reduction was the result of "complexities in adapting" to
the current environment — complexities that Southwest's peers seem
able to adapt to. Unfortunately, this is yet another example that
fundamental leadership change is urgently needed at Southwest.
Elliott is committed to delivering the leadership changes that the
Company requires.
For more information about Elliott's investment in Southwest,
please visit StrongerSouthwest.com.
About Elliott
Elliott Investment Management L.P. (together with its
affiliates, "Elliott") manages approximately $65.5
billion of assets as of December 31, 2023. Founded in
1977, it is one of the oldest funds under continuous management.
The Elliott funds' investors include pension plans, sovereign
wealth funds, endowments, foundations, funds-of-funds, high net
worth individuals and families, and employees of the
firm.
Media
Contact:
Casey
Friedman
Elliott Investment Management
L.P.
(212)
478-1780
cFriedman@elliottmgmt.com
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SOURCE Elliott Investment Management L.P.