Southwest Airlines (LUV) earnings Q1 2020 results in loss and revenue plunge

ANASTASIA ZYG


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.



Source link

Next Post

GOP Sen. Hawley asks DOJ to open a criminal investigation into Amazon

Sen. Josh Hawley, R-Mo., talks with reporters after the Senate Republican Policy luncheon in Russell Building on Tuesday, March 17, 2020. Tom Williams | CQ-Roll Call via Getty Images Sen. Josh Hawley, R-Mo., is asking the Department of Justice to open a criminal investigation into Amazon, citing reports that he […]
GOP Sen. Hawley asks DOJ to open a criminal investigation into Amazon

Subscribe US Now