Gary Kelly 2020 economy travelers Gary Kelly

Southwest posts 1st quarterly loss in almost a decade

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DALLAS – Southwest Airlines is posting its first quarterly loss in almost a decade and doesn't see any improvement right now with most planes grounded on the tarmac.

Chairman and CEO Gary Kelly said in a prepared statement that, “The U.S. economy has been at a standstill, and the current outlook for second quarter 2020 indicates no material improvement in air travel trends.” On Tuesday, the Dallas carrier said it swung to a loss of $94 million for the quarter ended March 31, from a $387 million profit last year.

Adjusted per-share earnings were 15 cents, not as bad as the losses of 48 cents per share that Wall Street was looking for, according to a survey by Zacks Investment Research.

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Southern Ontario highway partially closed due to convoy demonstrations: police
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