BUZZ-Southwest rises after announcing first-ever layoffs
Shares of U.S. budget carrier Southwest Airlines LUV.N rise nearly 2.4% in premarket trading
The Dallas-based carrier announced on Monday plans to cut 15% corporate jobs, or about 1,750 roles, in the first-ever round of layoffs in its history
Layoffs include 15% of the co's senior management committee
Co estimates savings of $210 mln in FY25 and $300 mln in FY26, excluding lay-off related costs
Co estimates one-time layoff-related charges ranging between $60 mln and $80 mln, expected to be incurred in Q1 FY25
"This decision is unprecedented in our 53-year history," said Chief Executive Officer Bob Jordan
As of December 31, 2024, company had 72,450 full-time employees
LUV shares are down nearly 10% YTD; peers Delta Air Lines DAL.N and United Airlines UAL.O have climbed more than 7%
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