Southwest Airlines Co. said Tuesday that passenger traffic rose in July over the same month last year, but the carrier predicted that a key revenue figure will drop 1 percent in the third quarter, an indication of lower average prices.
Southwest said passengers flew 11.5 billion miles last month, an increase of 8.2 percent. The average flight was 87.7 percent full — a record, and up from 86.7 percent last July.
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The Dallas company didn't report average fares but said that operating revenue for every seat flown one mile will fall 1 percent in the third quarter compared with the same period last year. That likely means average prices are lower than last summer.
Shares of Southwest rose 99 cents, or 2.6 percent, to $38.78 in morning trading. They started the session down 11 percent in 2015.