Southwest Airlines lost $159 million in the first quarter as the financial impact of its holiday meltdown stretched well into 2023.
It expects revenue headwinds into the second quarter but forecast a profit.A bird flies by in the foreground as a Southwest Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada.lost $159 million in the first quarter as the financial impact of its holiday meltdown stretched well into 2023.
The company had warned of a loss for the quarter in January and said it logged an increase in customer cancellations early this year.in the first quarter, compared with Wall Street expectations according to Refinitiv consensus estimates:billion vs an expected $5.73 billion. But the Dallas-based carrier said it expects revenue headwinds into the second quarter. Still, it forecast a profit for the three months ending June 30.
The carrier said its sales outlook was impacted by about $300 million "breakage revenue" because of a "higher-than-normal amount related to flight credits issued during the pandemic that were set to expire unused." Southwest said it eliminated expiration dates on flight credits last summer.
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