In response, we are in the process of adding flights in June 2021, and we currently expect June available seat miles (ASMs, or capacity) to be only slightly less than June 2019 pre-pandemic levels. We believe there is significant pent-up demand for leisure travel and are optimistic about summer 2021. Our current outlook for operating revenues indicates a sequential improvement from March to April 2021, and again from April to May 2021, based on improving bookings. "March 2021 operating revenues decreased 9.7 percent, year-over-year, and decreased 53.5 percent compared with March 2019, representing a significant improvement from relatively stagnant revenue levels experienced from September 2020 through February 2021. As a result, we are experiencing steady weekly improvements in domestic leisure bookings, which began in mid-February 2021. Vaccinations are on the rise, and COVID-19 hospitalizations in the United States are down significantly from their peak in January 2021. While the pandemic is not over, we believe the worst is behind us, in terms of the severity of the negative impact on travel demand. Excluding the benefit of PSP Extension proceeds and other special items, our first quarter 2021 net loss was $1.0 billion, or $1.72 loss per diluted share. The payroll support from the federal government has allowed Southwest to preserve its 50-year history without involuntary layoffs or furloughs, an achievement unprecedented in the U.S. We remain grateful for this much-needed federal payroll support on the heels of substantial losses in 2020, and ongoing non-GAAP losses in first quarter 2021. Kelly, Chairman of the Board and Chief Executive Officer, stated, "In first quarter, we benefited from temporary cost relief as a result of PSP Extension proceeds, which offset a portion of salaries, wages, and benefits expenses, resulting in first quarter 2021 net income of $116 million, or $.19 per diluted share. Ended first quarter with liquidity 2 of $15.3 billion, well in excess of debt outstanding of $10.8 billion. First quarter operating revenues of $2.1 billion, down 51.5 percent year-over-year.Excluding special items 1, first quarter net loss of $1.0 billion, or $1.72 loss per diluted share.First quarter net income of $116 million, or $.19 per diluted share, driven by a $1.2 billion offset of salaries, wages, and benefits expenses from the extended Payroll Support Program (PSP Extension) proceeds under the Consolidated Appropriations Act, 2021.(NYSE: LUV) (the "Company") today reported its first quarter 2021 financial results: DALLAS, Ap/PRNewswire/ - Southwest Airlines Co.
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