Analysts say airline ticket sales may not rebound until 2025. FOX Business’ Hillary Vaughn with more.
Southwest Airlines lost $144 million before taxes during the first three months of the year as the elimination of non-essential travel aimed at slowing the spread of COVID-19 brought business to a grinding halt.
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The Dallas-based air carrier lost $94 million after a tax benefit, or 18 cents per diluted share, as revenue slid 18 percent to $4.2 billion. Wall Street analysts surveyed by Refinitiv were expecting a loss of 41 cents a share on revenue of $4.42 billion.
“This is an unprecedented time for our nation and the airline industry,” CEO Gary Kelly said in a statement. “In late February, we began experiencing a precipitous drop in passenger demand and bookings due to the novel coronavirus COVID-19 pandemic, resulting in a first-quarter 2020 net loss.”
This story is developing. Check back for updates.
