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Thu Mar 5, 2020, 09:45 AM

Southwest Airlines sees first-quarter revenue hit from coronavirus outbreak

Source: Reuters

BUSINESS NEWS MARCH 5, 2020 / 6:51 AM / UPDATED 13 MINUTES AGO


2 MIN READ

(Reuters) - Southwest Airlines Co (LUV.N) said on Thursday it expected a hit of up to $300 million to its first-quarter operating revenue from the coronavirus outbreak, prompting it to cut its quarterly revenue outlook.

Shares of the company fell about 3% premarket, with those of bigger rivals United Airlines Holdings Inc (UAL.O), American Airlines Group Inc (AAL.O) and Delta Airline Holdings (DAL.N) falling about the same.

Southwest said it has seen a significant rise in ticket cancellations and decline in traffic due to the epidemic, which has killed over 3,000 people and caused airlines across the world to cut flights and implement cost controls.

United Airlines on Wednesday suspended its full-year forecast over the outbreak and said it would cut 20% of international flights and 10% of U.S. flights in April as it launched a hiring freeze, voluntary unpaid leaves and delayed salary increases for executives.

Read more: https://www.reuters.com/article/us-health-coronavirus-southwest/southwest-airlines-sees-first-quarter-revenue-hit-from-coronavirus-outbreak-idUSKBN20S1E9?il=0



-snip-

and a side note from yesterday, Lufthansa grounded over 150 airplanes because of the virus on some international and domestic routes....................

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Reply Southwest Airlines sees first-quarter revenue hit from coronavirus outbreak (Original post)
turbinetree Mar 2020 OP
brooklynite Mar 2020 #1
flibbitygiblets Mar 2020 #2

Response to turbinetree (Original post)

Thu Mar 5, 2020, 10:19 AM

1. The good news is that they won't need those 737 MAX-8 jets...

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Response to turbinetree (Original post)

Thu Mar 5, 2020, 12:33 PM

2. "delayed salary increases for executives" jumped out at me

Now we know it's serious

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