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Southwest Set for Q1 Losses
Southwest Airlines (NYSE:LUV) on Thursday posted a wider loss for the first quarter than the same period last year and warned that Boeing's airplane delays will hamper its growth into 2025.
The carrier expects to grow capacity 4% this year, down from a plan to expand 6%. For the second quarter, it forecast growth of 8% to 9% and said revenue would be down as much as 3.5%.
The airline said in a quarterly filing that it now expects to receive only 20 Boeing 737 Max 8 planes, down from its previous forecast of 46 of them. The carrier will now delay retiring some of its older Boeing planes and is cutting costs, including by offering staff voluntary time off. Southwest said it expects to end the year with 2,000 fewer employees than it had at the end of 2023.
It will also shut down operations at some airports, including in Syracuse, New York; Bellingham International Airport in Washington; Cozumel International Airport; and Houston's George Bush Intercontinental.
“Achieving our financial goals is an immediate imperative,” CEO Bob Jordan said in an earnings release.“The recent news from Boeing regarding further aircraft delivery delays presents significant challenges for both 2024 and 2025. We are reacting and replanning quickly to mitigate the operational and financial impacts while maintaining dependable and reliable flight schedules for our customers.”
LUV shares fell $2.57, or 8.6%, Thursday to $26.80.
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