Shares of Southwest Airlines Co. slumped almost 3% in early trade Friday, after the company lowered its unit revenue outlook for the first quarter. Dallas-based Southwest said it now expects unit revenue to fall 2% to 3% in the three-month period. Unit revenue measures how much passengers pay per mile flown. The airline had previously guided to a reading of flat to down 1%. Southwest said heavy rainfall in California hurt traffic, while it experienced “unexpected softness” in the second half of February. The company flew 8.7 billion revenue passenger miles in February, up 1.1% from a year ago. Meanwhile, JetBlue Airways Corp. said it expects unit revenue to fall 4% to 5% in the first quarter, hurt by the shift in the timing of the Easter holiday to April from March. Southwest shares have gained 29% in the last 12 months, and JetBlue shares have fallen 2.6%. The S&P 500 is up about 19% in the same period.
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