A trio of unusual events took a toll on Southwest Airlines’ first-quarter financial performance and is driving unit costs up, but long-term fundamentals remain strong, as does the carrier’s confidence in the Boeing 737 MAX. Southwest posted a 1Q net income of $387 million, down 16% from $463 million in the year-ago quarter. Operating revenues rose 4.1% to $5.2 billion, while operating expenses jumped 7.3% to $4.6 billion. The Dallas-based airline’s unit costs excluding ...

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