Southwest Airlines Co (NYSE:LUV) stock is driving the New York Stock Exchange (NYSE) higher today, last seen up 10.3% to trade at $31.33.
The company says its business plan will rake in an additional $4 billion in earnings before interest and taxes by 2027.
Southwest Airlines' stock surged Thursday after the air carrier raised its revenue outlook and indicated it would resume stock repurchases for the first time in more than four years.
The airline's first flights with assigned seats are scheduled to take off in 2026, among a series of radical changes Southwest is making to its model.
CNBC's Phil LeBeau joins 'Squawk Box' with the latest news.
Southwest Airlines raised its third-quarter revenue forecast on Thursday and detailed a host of changes to its business model. The carrier also said it would add Robert Fornaro, who previously led Spirit Airlines, to its board of directors.
Southwest Airlines will lay out a strategy on Thursday to turn around its business and restore profit margins to pre-pandemic levels as the U.S. carrier faces pressure from an activist investor to shake up its management.
Southwest Airlines (LUV) is set to hold its annual investor day Thursday, and sent a memo to employees notifying them of at least one planned change that could be announced during the event: a reduction in flights and staffing to and from Atlanta starting next year.
Southwest Airlines is cutting unprofitable routes and reducing its presence in Atlanta. The airline faces pressure from an activist investor to boost revenue and cut costs.
Thursday's investor day comes as Southwest struggles to return to profitability and faces heated investor activism.
Southwest Airlines Co (NYSE: LUV) is in focus this morning after announcing plans of shrinking its service to and from Atlanta. The move will enable the air carrier to lower costs as it cuts as many as 200 flight attendants and 140 pilots in the capital of Georgia next year.
Southwest Airlines is planning to reduce service to and from Atlanta next year. The carrier will cut more than 300 pilot and flight attendant positions, according to a memo seen by CNBC.