Southwest Q1 net loss $159M; record revenue $5.7B; cuts 2023 capacity and capex guidance on Boeing delays

SOUTHWEST AIRLINES CO

2023-Q1 EPS reported -$0.27 revenue$5,706,000,000

Net loss $159M ($0.27 loss per share); record Q1 revenue $5.7B (+21.6% YoY).
December 2022 disruption cost ~$380M pre-tax; $325M negative revenue impact mostly in Jan/Feb.
2023 capacity growth cut to 14-15% from 15-16% due to Boeing delivery delays (70 vs 90 aircraft).
2023 CASM-X guidance revised to down 2-4% (from down 3.5-5.5%); capex reduced to $3.5B.
Liquidity $12.7B; net cash $3.6B; $214M in dividends paid in Q1.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOUTHWEST AIRLINES CO reported first quarter 2023 results: revenue $5.7 billion, net income Net loss of $159 million, or $0.27 loss per diluted share, EPS $0.27 loss per diluted share.

Period: first quarter 2023
Revenue: $5.7 billion
Net income: Net loss of $159 million, or $0.27 loss per diluted share
EPS: $0.27 loss per diluted share
Result: reported results

Exact text from the filing

million, or $0.27 loss per diluted share • Net loss, excluding special items 1 , of $163 million, or $0.27 loss per diluted share • Record first quarter operating revenues of $5.7 billion • Liquidity 2 of $12.7 billion, well in excess of debt outstanding of $8.0 billion Bob Jordan, President and Chief Executive Officer, stated, "As expected, we incurred a first

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Source: SEC EDGAR

accession 0000092380-23-000021

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