Southwest Settles Proxy Fight With Hedge Fund as Q3 Profit …

Oct 24, 2024 · Southwest Airlines will replace several members of its board with candidates pushed by Elliott Investment Management to end a monthslong fight with the hedge fund By …

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Southwest Settles Proxy Fight With Hedge Fund As Q3 Profit Shrinks ...

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Oct 24, 2024 · Southwest announced the shakeup as it reported that its third-quarter profit fell by nearly two-thirds, to $67 million, on higher costs for labor and other expenses.

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FAQs about Southwest Settles Proxy Fight With Hedge Fund as Q3 Profit … Coupon?

Did southwest lose a proxy fight with a hedge fund?

Southwest settles proxy fight with hedge fund and reports smaller Q3 profit. American loses money Southwest settles proxy fight with hedge fund and reports smaller Q3 profit. American loses money FILE - Ryan Munoz, a flight attendant with Southwest Airlines, poses in the airline's newly designed uniform on Sept. 26, 2024, in Dallas. ...

Why did a hedge fund shake up southwest?

Elliott, the hedge fund led by billionaire financier Paul Singer, achieved most of the demands it has made since June except one: It wanted to oust CEO Robert Jordan. Southwest announced the shakeup as it reported that its third-quarter profit fell by nearly two-thirds, to $67 million, on higher costs for labor and other expenses. ...

Will Elliott investment management replace Southwest Airlines board members?

DALLAS (AP) — Southwest Airlines will replace several members of its board with candidates pushed by Elliott Investment Management to end a monthslong fight with the hedge fund, which is pressuring the airline to boost profits and the stock price. ...

How did southwest's third-quarter profit compare to analysts' forecast?

Dallas-based Southwest said third-quarter profit, excluding special items, works out to 15 cents per share, which beat a forecast of six cents per share among analysts surveyed by FactSet. Revenue rose 5%, to $6.87 billion, $100 million more than the analysts expected. ...

Will southwest repurchase $250 million?

The Dallas-based airline also said it would speed up repurchase of $250 million worth of its stock, under a $2.5 billion share-buyback plan it announced last month. Southwest said third-quarter profit, excluding special items, works out to 15 cents per share, which beat a forecast of six cents per share among analysts surveyed by FactSet. ...

How did southwest & American perform in Q3?

The third-quarter results from Southwest and American reflected intense competition on domestic routes, particularly from budget carriers, that created a glut of seats and forced airlines to cut prices on many economy-class tickets. Airline industry officials say that has begun to change as airlines reduce their schedules for the rest of the year. ...