Southwest Airlines posts first loss since 2011, sees revenue down as much as 95% in May

Business

A number of grounded Southwest Airlines Boeing 737 MAX 8 aircraft are shown parked at Victorville Airport in Victorville, California, March 26, 2019.

Mike Blake | Reuters

Southwest Airlines on Tuesday posted its first quarterly loss since 2011 and predicted “no material improvement in air travel trends” this spring as coronavirus devastates demand.

The Dallas-based airline lost $94 million in the quarter on revenue of $4.23 billion, an 18% decline in sales compared with a year earlier, slightly lower than analyst estimates.

The airline said it expects its operating revenues next month to fall as much as 95% from a year earlier but warned it is “unable to reasonably estimate trends beyond May 2020.”

Southwest follows Delta and United in posting a loss for the quarter. Travel is among the hardest-hit industries from the coronavirus and severe measures to stop it from spreading like shelter-in-place orders.

This is breaking news. Check back for updates.

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