Southwest Posts First-Quarter Loss, Scrambles To Cut Costs And Raise Cash With Worst Still Ahead [Forbes]
Southwest Airlines Company (LUV)
Last southwest airlines company earnings: 4/28 06:00 am
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Source: Forbes
Gary Kelly, chairman and chief executive officer of Southwest Airlines Co., pauses while speaking... [+]during the company's annual shareholders' meeting in Denver, Colorado, May 15, 2019.© 2019 Bloomberg Finance LPFor the first time in more than nine years, Southwest AirlinesLUVAnd it won’t be the last time it posts a quarterly loss this year, or perhaps even into 2021, thanks to the devastating collapse of travel demand in response to the COVID-19 pandemic.Southwest lost $94 million in the quarter ended March 31, with revenue falling 17.8% to $4.2 billion compared to the same period last year. That’s just a taste of what’s to come since the pandemic-driven collapse of demand didn’t really begin until around the second week in February.Revenues are expected to be down 90% to 95% in April and May compared to the same months a year ago, and the Dallas-based airline said it couldn’t estimate what will happen after that.Today In:To bolster its cash balance to weather the crisis, the nati
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