Southwest says its ‘transformation’ is in full swing, and the stock is surging

Southwest Airlines Co. surprised Wall Street late Wednesday with an unexpected profit, saying that bookings for its future premium seats are proceeding apace and giving investors hope that the once no-frills airline is making progress on its plan to become more profitable.

Southwest

LUV will offer assigned seating and premium seats with extra legroom starting in late January — part of its bigger plan to reinvent itself amid pressure from shareholders after several quarters of dim results. Sales of those seats, which are now underway, have been in line with expectations, the airline said Wednesday.