Southwest reports Q1 2020 net loss of USD 94m

Southwest Airlines Co. (NYSE: LUV) has reported a first quarter 2020 net loss of USD 94 million and USD 0.18 net loss per diluted share, the company said.

Excluding special items, the company reported a net loss of USD 77 million and USD 0.15 net loss per diluted share.

First quarter operating revenues were USD 4.2 billion, down 17.8 percent year-over-year

Capital returns were USD 639 million to shareholders through share repurchases and dividends during first quarter. Dividends and share repurchase programs were suspended until further notice

Return on invested capital (ROIC) pre-tax was 18.1 percent for the 12 months ended March 31, 2020, or 14.3 percent on an after-tax basis.

In April 2020, the company reached an agreement in principle with the US Department of Treasury for proceeds of approximately USD 3.3 billion under the Payroll Support Program as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

In its 49th year of service, Dallas-based Southwest Airlines Co. topped 130 million passengers in 2019. In peak travel seasons during 2019, Southwest operated more than 4,000 weekday departures among a network of 101 destinations in the United States and 10 additional countries.