Southwest Airlines says the recent groundings of Boeing 737 Max planes would lead to its first-quarter revenue per available seat mile coming in below its previous forecast.
A Boeing 737 Max 8 jetliner, belonging to Southwest Airlines, lands at McCarran International Airport in Las Vegas, on Feb. 27, 2019.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.Southwest Airlines said on Wednesday the recent groundings of Boeing 737 Max planes would lead to its first-quarter revenue per available seat mile coming in below its previous forecast.
It is the first carrier to provide a formal change to its financial forecasts since the recent crash of Boeing's new jet. The airline expects to lose $150 million in the first quarter. Shares fell almost 3 percent on the news. Southwest has 34 of the planes in its fleet of about 750 Boeing 737s, more than any other U.S. airline.
The airline said it now expects operating revenue per available seat mile, a closely followed measure of airline performance, to rise about 2 percent to 3 percent, compared with the 3 percent to 4 percent growth it forecast earlier. The news comes just one day after the airline said a Boeing 737 Max 8 plane — the same model that the Federal Aviation Administration grounded
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