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Non-Tech : Airline Discussion Board

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From: Sam	10/22/2020 8:01:40 AM
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Southwest Airlines posts biggest-ever loss as coronavirus slams demand PUBLISHED THU, OCT 22 20206:40 AM EDTUPDATED 25 MIN AGO Leslie Josephs KEY POINTS Southwest has reduced capacity less than its competitors. The Dallas-based carrier recently asked unionized employees to take a 10% pay cut to avoid furloughs through next year. Southwest Airlines on Thursday posted its biggest loss ever after the coronavirus pandemic hurt the summer travel season, but the airline continued to cut its cash burn. Revenue dropped 68% to $1.79 billion from $5.6 billion a year earlier. The Dallas-based carrier lost $1.2 billion in the three months ended Sept. 30, compared with a $659 million profit a year earlier. Adjusting for one-time items, Southwest’s per share loss was $1.99, better than analysts’ expectations for a $2.35 per share loss. Here’s how Southwest performed compared with what Wall Street expected, based on average estimates compiled by Refinitiv: Adjusted EPS: a loss of $1.99 versus an expected loss of $2.35 a share. Revenue: $1.79 billion versus $1.7 billion, expected. Bookings have improved in recent months, the carrier said, but warned a recovery is still far off. continues at cnbc.com

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