Earnings

In this article

A Southwest Airlines Co. Boeing 737 passenger jet arrives at Midway International Airport (MDW) in Chicago, Illinois, U.S., on Monday, Oct. 11, 2021.
Luke Sharrett | Bloomberg | Getty Images

Southwest Airlines on Thursday reported a third-quarter profit on Thursday thanks to a boost from federal payroll aid but said operational problems from understaffing for the aggressive growth it planned hurt its bottom line.

Dallas-based Southwest earlier this month canceled more than 2,000 flights between Oct. 8 and Oct. 13, blaming the issues on bad weather in Florida, air traffic control compounded by staffing shortages.

Southwest said the disruptions cost it $75 million from cancellations, customer refunds and “gestures of goodwill.”

Here’s how Southwest performed in the second quarter compared with what Wall Street expected, based on average estimates compiled by Refinitiv:

  • Adjusted results per share: a loss of 23 cents versus an expected loss of 27 cents.
  • Total revenue: $4.68 billion versus expected $4.58 billion.

This is breaking news. Check back for updates.

Articles You May Like

Darden Restaurants stock climbs as Olive Garden, LongHorn Steakhouse fuel sales growth
Federal student loan forgiveness opportunities lost to those who refinance, CFPB warns
Bitcoin ETFs offer a ‘traditional way to buy an untraditional asset,’ advisor says. Here’s what to know
These are the top 10 ‘housing hot spots’ for 2025 — none are in Florida
From Nike to Intel, CEO departures at U.S. companies hit a record this year