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Max Knoblauch

Southwest dips after its CFO says air travel demand still isn’t rebounding

Southwest Airlines dipped on Thursday afternoon following CFO Tom Doxey’s comments about air travel demand.

“We’ve seen those reductions that happened earlier in the year. We’re not seeing an industry inflection back now,” Doxey said, speaking at a Wolfe Research conference on Thursday.

Shares initially fell more than 4% before recovering to about 1% as of 12:30 p.m. ET.

Doxey said Southwest expects unit revenue to drop more in the second quarter than it did in the first and specified that demand weakness is hitting main cabin leisure travel worse than other areas.

One positive area could be in Southwest’s deliveries from Boeing. The airline has been expecting 38 plane deliveries this year, but there could now be “some potential upside to that,” according to Doxey.

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