Southwest Airlines Company (NYSE:LUV) reported worse-than-expected first-quarter financial results and issued second-quarter adjusted earnings per share guidance with its midpoint below estimates, after the closing bell on Wednesday.

Southwest reported adjusted earnings per share of 45 cents, missing the consensus estimate of 47 cents. In addition, it reported revenue of $7.24 billion, missing the consensus estimate of $7.26 billion.

“Our customers have embraced and value our new products, and that is reflected in our financial performance,” said CEO Bob Jordan.

The company is guiding for second quarter earnings per share to be in a range of 35 cents to 65 cents per share. The current Street consensus estimate is 60 cents per share, according to Benzinga Pro.

The company said it would not be productive to update its full-year earnings per share guidance “given the ongoing macroeconomic uncertainty.”

Southwest shares rose 3.8% to trade at $39.17 on Friday.

These analysts made changes to their price targets on Southwest following earnings announcement.

  • HSBC analyst Achal Kumar upgraded Southwest Airlines from Reduce to Hold and raised the price target from $24.4 to $36.1.
  • Evercore ISI Group analyst Duane Pfennigwerth maintained the stock with an In-Line and raised the price target from $43 to $44.

Considering buying LUV stock? Here’s what analysts think:

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