Earnings

Southwest Airlines posts biggest-ever loss as coronavirus slams demand

A Southwest Airlines jet leaves Midway Airport on in Chicago, Illinois.

Scott Olson | Getty Images

Southwest Airlines lost $1.2 billion in the third quarter, its biggest loss ever, after the coronavirus pandemic hurt the summer travel season.

The Dallas-based carrier trimmed its cash burn to an average of $16 million a day in the three months ended Sept. 30, from $23 million in the second quarter.

Here’s how Southwest performed compared with what Wall Street expected, based on average estimates compiled by Refinitiv:

  • Adjusted EPS: a loss of $1.99 versus an expected loss of $2.35 a share.
  • Revenue: $1.79 billion versus $1.7 billion, expected.

This is breaking news. Check back for updates.

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