Southwest posts wider-than-expected loss as toll of holiday crisis stretches into 2023

News

In this article

A bird flies by in the foreground as a Southwest Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada.
Ethan Miller | Getty Images

Southwest Airlines lost $159 million in the first quarter as the financial impact of its holiday meltdown stretched well into 2023.

The Dallas-based carrier said it expects revenue headwinds into the second quarter but forecast a profit for the three months ending June 30.

Southwest shares were down more than 3% in premarket trading.

Here’s how Southwest performed in the first quarter, compared with Wall Street expectations according to Refinitiv consensus estimates:

  • Adjusted loss per share:  27 cents vs an expected loss of 23 cents.
  • Total revenue: $5.71 billion vs an expected $5.73 billion.

The carrier had canceled more than 16,000 flights during the holiday chaos when staffing software couldn’t keep pace with scheduling changes during coast-to-coast storms.

This is breaking news. Check back for updates.

Articles You May Like

Surround Yourself with Natural Beauty at these 3 Destinations
Restaurant Rochechouart Reinvents The Roaring Twenties For The 2020s
Fresh Take: Chef Ayesha Curry Is Building A Food Empire
Boeing orders, deliveries dry up in January as plane-maker grapples with latest Max crisis
The World’s Best Bourbon—According To The 2024 World Whiskies Awards

Leave a Reply

Your email address will not be published.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