Southwest Airways on Thursday reported a third-quarter lack of $1.16 billion — the most important loss in its historical past — after reporting a revenue in the identical interval a 12 months earlier, CNBC reported.
The Dallas-based firm mentioned it had a lack of $1.96 per share. Losses, adjusted for non-recurring beneficial properties, got here to $1.99 per share.
The outcomes surpassed Wall Avenue expectations. The typical estimate of 13 analysts surveyed by Zacks Funding Analysis was for a lack of $2.44 per share.
“We’re inspired by modest enhancements in leisure passenger visitors tendencies for the reason that slowdown in demand skilled in July,” CEO Gary Kelly mentioned in an earnings launch reported by CNBC. “Nonetheless, till we have now widely-available vaccines and obtain herd immunity, we count on passenger visitors and reserving tendencies to stay fragile.”
The airline posted income of $1.79 billion within the interval, additionally surpassing Avenue forecasts. Eleven analysts surveyed by Zacks anticipated $1.68 billion.
Southwest shares have declined 26% for the reason that starting of the 12 months, whereas the Normal & Poor’s 500 index has risen barely greater than 6%. The inventory has dropped 25% within the final 12 months.