Southwest posts first quarterly loss in 9 years and warns of more coronavirus clouds [Reuters]
Southwest Airlines Company (LUV)
Last southwest airlines company earnings: 4/28 06:00 am
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Source: Reuters
Southwest posts first quarterly loss in 9 years and warns of more coronavirus clouds April 28 (Reuters) - Southwest Airlines Co posted on Tuesday a $94 million net loss in the first quarter, its first quarterly loss in nine years, due to the coronavirus pandemic and said it sees no major improvement in air travel in the second quarter. The COVID-19 crisis has decimated travel demand, with an unprecedented number of flight cancellations in the second half of March. Dallas-based Southwest swung to a net loss of $94 million for the quarter ended March 31, compared to a profit of $387 million a year earlier. Excluding special items, the loss was $77 million, or a $0.15 loss per share. Total operating revenue declined 17.8% to $4.2 billion. It sees operating revenue falling 90% to 95% in both April and May, when it does not expect load factors to surpass 10%. While the airline has more bookings for June and July - albeit in a drastically reduced flight schedule - it said it cannot reasonab
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