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Southwest Airlines on Thursday forecast a potential drop in unit revenue for the third quarter as an oversupplied U.S. market has forced airlines to discount tickets during what is usually the most lucrative period of the year.

Southwest said unit revenue for the current quarter could fall as much as 2% over last year and nonfuel costs could rise as much as 13%, with higher expenses weighing on the airline through the end of 2024.

"There is simply more capacity, on the domestic side, than demand right now," Southwest CEO Bob Jordan said during the company's earnings call. Jordan said capacity was up 6% in the second quarter and that the airline is working down capacity "aggressively" to moderate it to 2% in the third quarter.

Here is how Southwest performed in the second quarter compared with Wall Street expectations, according to consensus estimates from LSEG:

58 cents adjusted vs. an expected 51 cents Revenue: $7.35 billion vs. $7.32 billion expected

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