Southwest reported a $220 million loss after taking a hit of $800 million from canceling around 16,700 flights over the last 10 days of December, according to airline executives during the carrier's fourth-quarter earnings call on Thursday.
According to executives on the call, early findings indicate that the company's automated crew scheduling system was unable to cope with the large number of close-to-departure cancellations that happened in late December during what they took to calling"the event," but they added that a software update is already being implemented to mitigate the risk of a similar problem happening again in the future.
"The disruption uncovered a functional gap in our technology," which the company is working to address, Southwest's chief operating officer Andrew Watterson said during the call.American Airlines reported a profit of $803 million. Excluding special items, earnings per share totaled $1.17. Analysts expected $1 per share, according to a FactSet survey.
Revenue was a fourth-quarter record of $13.19 billion, a 40% increase from a year earlier and better than analysts expected, leading to record annual revenue.The Fort Worth, Texas-based carrier returned to a profit for the full year and forecast 2023 earnings in a range of $2.50 to $3.50 per share. For the first quarter, American expects to break even, based on demand and fuel trends.
American's results added to the picture of strong demand for air travel that was reflected in an $843 million profit for United Airlines and $828 million for Delta Air Lines. JetBlue Airways also reported Thursday a fourth-quarter net income of $24 million, after reporting a loss in the same period a year earlier. And Alaska Air posted a fourth-quarter profit of $22 million, adding that its annual revenue of $9.65 billion was the highest in Alaska Air's history.
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U.S. investigates Southwest Airlines' December flight cancellationsThe U.S. Transportation Department said Wednesday it is investigating whether Southwest Airlines deceived customers by knowingly scheduling more flights in late December than it realistically could handle
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US investigating December flight cancellations at SouthwestThe federal government is investigating whether Southwest Airlines knowingly scheduling more flights than it could handle in December, when it ended up canceling nearly 17,000 flights.
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US investigating December flight cancellations at SouthwestThe U.S. Transportation Department said Wednesday it is investigating whether Southwest Airlines deceived customers by knowingly scheduling more flights in late December than it realistically could handle.
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Department of Transportation investigating December flight cancellations at SouthwestThe federal government is investigating whether Southwest Airlines knowingly scheduling more flights than it could handle in December, when it ended up canceling nearly 17,000 flights.
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