Southwest Airlines has reported a first quarter 2021 net loss of $1bn, or $1.72 loss per diluted share. First quarter net income declined to $116 million, driven by a $1.2 billion offset of salaries, wages, and benefits expenses from the extended Payroll Support Program (PSP Extension). Southwest ended the first quarter with liquidity2 of $15.3 billion, well in excess of debt outstanding of $10.8 billion Gary C. Kelly, Chairman of the Board and Chief Executive Officer, said that the company was grateful for “much-needed federal payroll support on the heels of substantial losses in 2020, and ongoing non-GAAP losses in first quarter 2021”. Kelly added

This content is restricted to site members.

If you are an existing user, please login below.
New users may register below.

Existing Users Log In