Southwest says 737 Max grounding is cutting

Southwest Airlines announced on Wednesday that its first-quarter revenue per

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available seat mile will be lower than expected due to Boeing 737 Max groundings.

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It's the first carrier to revise its financial estimates since Boeing's new jet crashed.

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First-quarter losses are expected around $150 million for the airline. The news lowered shares by almost 3%.

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Southwest's 750 Boeing 737s include 34 of the planes, more than any other U.S. carrier.

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Operating revenue per available seat mile, a key indicator of airline profitability, is now expected to rise 2–3%, down from 3–4%.

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One day earlier, the airline reported that a Boeing 737 Max 8 airliner, which the FAA grounded

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following two crashes, made an emergency landing at Orlando International Airport on Tuesday afternoon.

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A company official told NBC News that an engine overheated just before 3 p.m.

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when the pilots were flying the jet to California for storage. The spokesman said the plane flew 11 minutes.

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