Posted on 01/26/2023 11:43:52 AM PST by grundle
Southwest Airlines (LUV) reported a loss for the fourth quarter, as the company took an $800 million pretax hit to earnings due to the computer system failure that led to the airline’s holiday travel meltdown.
"Due to the operational disruptions in late December, which resulted in more than 16,700 flight cancellations, we incurred a fourth quarter pre-tax negative impact of approximately $800 million (or approximately $620 million on an after-tax basis), which resulted in a fourth quarter 2022 net loss,” Southwest CEO Bob Jordan said in a statement.
Overall for the quarter, Southwest lost $220 million resulting in an adjusted EPS loss of $0.38. Southwest had to cancel around 16,700 flights between December 21 through December 31, nearly all the flights scheduled for that time period. The U.S. Transportation Department said on Wednesday it was investigating Southwest over claims it had deceived customers by scheduling more flights that it could handle.
(Excerpt) Read more at finance.yahoo.com ...
Congress should punish them some more because that’s all professional affirmative action government goons know.
This is what happens when you have accountants running companies who only seek to maximize profits by delaying investment in needed infrastructure.
Ask Buttigieg Plug
Cue the tiny violin.
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