Southwest Airlines reported its first quarterly loss since the depths of the Great Recession 11 years ago.
Southwest lost $77 million excluding special items, which was a bit better than Wall Street's expectations. But it was the carrier's first red ink since the first quarter of 2009. Revenue fell $915 billion, or 18%, from a year earlier. The company has been one of the industry's most profitable airlines, but coronavirus has dealt serious damage to airlines. Travel has fallen to virtually zero during the pandemic.Southwst said the current quarter will also yield miserable results.
"While the impact of the pandemic is unprecedented, we believe demand for air travel will rebound. And, we intend to emerge with ample liquidity."As part of that federal assistance package, Southwest has agreed not to furlough or cut the pay of staff through the end of September. It also is not allowed to pay dividends or buy back shares in the second or third quarter. It will be the first time since 1977 it has not paid a dividend.
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