Southwest reports $159 million 1Q loss on meltdown effects
Southwest Airlines says it lost $159 million in the first quarter as it continues to feel the effects from a December meltdown that caused thousands of canceled flights
By AP News
Published - Apr 27, 2023, 06:57 AM ET
Last Updated - Jun 22, 2023, 03:04 AM EDT
DALLAS (AP) — Southwest Airlines lost $159 million in the first quarter as it felt aftershocks from the December meltdown that caused thousands of canceled flights.
The airline said Thursday, however, that it made money in March and expects to be solidly profitable in the April-through-June quarter that includes the start of the peak summer travel season.
Southwest had already indicated it would lose money in the first quarter. The loss was narrower than Southwest's $278 million loss a year earlier. After one-time items, it worked out to 27 cents per share, matching the expectation of analysts surveyed by FactSet.
Revenue rose 22% to a first-quarter record of $5.71 billion, slightly less than analysts expected.
