Southwest Airlines posts wider adjusted loss in first quarter

Washington (dpa-AFX) – Southwest Airlines Co. (LUV) reported a first quarter net loss per share, excluding special items, of 1.72 dollars compared to a loss of 15 cents, prior year.

On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of 1.85 dollars, for the quarter. Analysts’ estimates typically exclude special items.

First quarter net income was 116 million dollars, or 19 cents per share, driven by a 1.2-billion-dollar offset of salaries, wages, and benefits expenses from the extended Payroll Support Program proceeds under the Consolidated Appropriations Act, 2021.

First quarter total operating revenues were 2.05 billion dollars, down 51.5 per cent from a year ago. Analysts expected revenue of 2.07 billion dollars, for the quarter. The company ended first quarter with liquidity of 15.3 billion dollars, well in excess of debt outstanding of 10.8 billion dollars.