Southwest Airlines Posts Adj. Loss In Q4, Revenues Up 22.2%; Anticipates Net Loss In Q1

(RTTNews) - Southwest Airlines Co. (LUV) reported a fourth-quarter net loss per share, excluding special items, of $0.38 compared to profit of $0.14, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.09, for the quarter. Analysts' estimates typically exclude special items.

The company posted a net loss of $220 million or $0.37 per share compared to net income of $68 million or $0.11 per share, previous year. Due to the operational disruptions in late December, which resulted in more than 16,700 flight cancellations, the company incurred a fourth quarter pre-tax negative impact of approximately $800 million, or approximately $620 million on an after-tax basis, which resulted in a fourth quarter net loss.

Fourth quarter total operating revenues were $6.17 billion, up 22.2% from last year. Analysts on average had estimated $6.19 billion in revenue.

Based on current revenue and cost trends, Southwest Airlines Co. currently expects a first-quarter net loss.

"We are encouraged by current booking trends in March 2023. Our 2023 plan continues to support solid profits with year-over-year margin expansion for full year 2023. We remain intent on achieving the long-term financial goals outlined at our December 2022 Investor Day," Bob Jordan, CEO, stated.

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