Southwest posted earnings before the bell on Tuesday. 

The Dallas-based airline posted an adjusted loss of $77 million, or 15 cents a share, vs. profit of $387 million, or 70 cents, in the same period a year ago. Analysts polled by FactSet had been expecting a per-share loss of 24 cents. Revenue slid 24% to $24.7 billion from $31.3 billion, in line with analysts’ forecasts.

“The U.S. economy has been at a standstill, and the current outlook for second quarter 2020 indicates no material improvement in air travel trends,” CEO Gary Kelly said in a statement. “Trip cancellations remain at unprecedented levels, though they have receded from their peak in March. As such, we have significantly reduced our published flight schedules through July 2020.”

The company said it had received $3.3 billion under the Payroll Support Program (PSP), consisting of $2.3 billion in direct payroll support and $948 million in the form of an unsecured 10-year term loan.

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