LUV Stock – Southwest Airlines Posts Wider Adj. Loss In Q1
(RTTNews) – Southwest Airlines Co. (LUV) reported a first quarter net loss per share, excluding special items, of $1.72 compared to a loss of $0.15, prior year. On average, 17 analysts polled by Thomson Reuters expected the company to report a loss per share of $1.85, for the quarter. Analysts’ estimates typically exclude special items.
First quarter net income was $116 million, or $0.19 per share, driven by a $1.2 billion 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, down 51.5 percent from a year ago. Analysts expected revenue of $2.07 billion, for the quarter.
The company ended first quarter with liquidity of $15.3 billion, well in excess of debt outstanding of $10.8 billion.
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