Shares of Southwest Airlines were up 1.3% in premarket trade Wednesday after the company beat third-quarter earnings expectations. The company reported net income of $388 million, or 62 cents per share, down from $584 million, or 88 cents per share in the year-earlier period. The company reported adjusted earnings per share of 93 cents, beating the FactSet consensus of 88 cents. Southwest reported revenue of $5.14 billion, down from $5.32 billion in the year-earlier period and below the FactSet consensus of $5.16 billion. Shares of Southwest have gained 9.6% in the past three months, compared to the S&P 500's loss of 1%.
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