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.

Articles You May Like

Biden administration withdraws student loan forgiveness plans. What borrowers should know
Starbucks baristas strike in three U.S. cities during pre-Christmas rush
What it would cost to live like the ‘Home Alone’ family today, according to financial advisors
More than 900 American Airlines flights delayed after glitch briefly grounded planes
Micron shares suffer steepest drop since 2020 after disappointing guidance

Leave a Reply

Your email address will not be published. Required fields are marked *