Southwest posts first quarterly loss in nine years and warns on outlook [Reuters]
Southwest Airlines Company (LUV)
Last southwest airlines company earnings: 4/28 06:00 am
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Source: Reuters
Southwest posts first quarterly loss in nine years and warns on outlook (Reuters) - Southwest Airlines Co on Tuesday posted a $94 million quarterly net loss, its first in nine years, and warned of drastic revenue drops ahead as it sought to raise another $2.6 billion to help weather the coronavirus pandemic. Its shares were down 2.3% to $28.45 in premarket trading after it announced a public stock offering of 55 million shares, worth around $1.6 billion at Monday’s closing price of $29.11, and $1 billion worth of convertible debt. The COVID-19 crisis has decimated travel demand, with an unprecedented number of flight cancellations in the second half of March, forcing airlines to preserve and raise cash. 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 fell 17.8% to $4.2 billion. It sees opera
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