Southwest Airlines Co posted on Tuesday a $94 million net loss in the first quarter, its first quarterly loss in nine years, due to the coronavirus pandemic and said it sees no major improvement in air travel in the second quarter.
) posted on Tuesday a $94 million net loss in the first quarter, its first quarterly loss in nine years, due to the coronavirus pandemic and said it sees no major improvement in air travel in the second quarter.
Dallas-based Southwest swung to a net loss of $94 million for the quarter ended March 31, compared to a profit of $387 million a year earlier. Excluding special items, the loss was $77 million, or a $0.15 loss per share. Total operating revenue declined 17.8% to $4.2 billion. It sees operating revenue falling 90% to 95% in both April and May, when it does not expect load factors to surpass 10%.
The coronavirus outbreak has led to the deaths of over 207,000 people around the world, including more than 55,000 in the United States, according to a Reuters tally. “We do think there’s a role for the federal government to play here and as an industry we’ll be advocating for that,” Kelly said.
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