Southwest reports first quarter 2021 results

Dallas, april 22, 2021 /prnewswire/ -- southwest airlines co. (nyse: luv) (the "company") today reported its first quarter 2021 financial results: first quarter net income of $116 million, or $.19 per diluted share, driven by a $1.2 billion offset of salaries, wages, and benefits expenses from the extended payroll support program (psp extension) proceeds under the consolidated appropriations act, 2021 excluding special items1, first quarter net loss of $1.0 billion, or $1.72 loss per diluted share first quarter operating revenues of $2.1 billion, down 51.5 percent year-over-year ended first quarter with liquidity2 of $15.3 billion, well in excess of debt outstanding of $10.8 billion gary c. kelly, chairman of the board and chief executive officer, stated, "in first quarter, we benefited from temporary cost relief as a result of psp extension proceeds, which offset a portion of salaries, wages, and benefits expenses, resulting in first quarter 2021 net income of $116 million, or $.19 per diluted share.
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