Shares of Southwest Airlines Co. /zigman2/quotes/201071949/composite LUV -1.66% climbed 3.0% in premarket trading Thursday, after the air carrier reported a wider-than-expected first-quarter loss but revenue that beat expectations, amid a "sharp rebound" in March. The company swung to a net loss of $278 million, or 47 cents a share, from net income of $116 million, or 19 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 32 cents was wider than the FactSet loss consensus of 30 cents. Revenue soared 128.8% to $4.69 billion, topping the FactSet consensus of $4.67 billion, even as the company faced $380 million in headwinds related to soft bookings and cancellations in January and February associated with the omicron variant. "Thus far in April, the Company continues to experience strong leisure bookings for spring and summer travel and improving managed business revenue trends broadly across the network," the company stated. Load factor rose to 77.0% from 64.3%, as traffic grew 82.0% while capacity increased 48.6%. Fuel costs were $2.30 a gallon in the first quarter, and are expected to rise to $3.05 to $3.15 in the second quarter but moderate to $2.75 to $2.85 for 2022. The stock has gained 7.2% year to date through Wednesday, while the U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS -1.66% has tacked on 2.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.02% has dropped 12.2%.