DALLAS (AP) — Southwest Airlines is posting its first quarterly loss in almost a decade and doesn't see any improvement right now with most planes grounded on the tarmac.

Chairman and CEO Gary Kelly said in a prepared statement that, "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."

On Tuesday, the Dallas carrier said it swung to a loss of $94 million for the quarter ended March 31, from a $387 million profit last year.

Adjusted per-share earnings were 15 cents, not as bad as the losses of 48 cents per share that Wall Street was looking for, according to a survey by Zacks Investment Research.

Revenue was $4.23 billion.

Southwest expects operating revenue to slide 90% to 95% this month and next.

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A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LUV at https://www.zacks.com/ap/LUV