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Non-Tech : Airline Discussion Board

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Nov 12 4:00 PM EST

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From: Sam

10/22/2020 8:11:14 AM

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Southwest Airlines Swings to Q3 Adjusted Loss, Revenue Slumps; 'Cannot Afford' To Go Without Federal Financial Aid
MT NEWSWIRES 8:06 AM ET 10/22/2020

Symbol Last Price Change

LUV	39.84	0 (0%)
QUOTES AS OF 06:30:00 PM ET 10/21/2020

08:06 AM EDT, 10/22/2020 (MT Newswires) -- Southwest Airlines Co.(LUV) on Thursday swung to a Q3 adjusted loss of $1.99 per share from earnings of $1.23 per share a year earlier. Analysts polled by Capital IQ had expected an adjusted loss of $2.25 per share.

Total operating revenue slid to $1.79 billion from $5.64 billion in the year-ago quarter. The CapIQ forecast was $1.71 billion.

"The [COVID-19] pandemic persists along with the negative effects on air travel demand," Southwest Airlines(LUV) Chief Executive Gary Kelly said in a statement. He urged officials in Washington to extend the government's Payroll Support Program by six months. "Absent this extension, we simply cannot afford to continue with the conditions required to maintain full pay and employment."

The airline expects operating revenue in October to decline 65% to 70% year-over-year, narrower than the previous outlook of a decline of 65% to 75%. It expects a 60% to 65% year-over-year revenue decline in November.

As of Sept. 30, the company had about $14.6 billion in cash and short-term investments.

"We are encouraged by modest improvements in leisure passenger traffic trends since the slowdown in demand experienced in July," Kelly said. "However, until we have widely-available vaccines and achieve herd immunity, we expect passenger traffic and booking trends to remain fragile."

Shares rose by 0.7% during premarket trade.

Price: 40.20, Change: +0.36, Percent Change: +0.90

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