Why did this happen? The first quarter loss would have been $436 million, excluding one-time accounting changes and government payroll support payments. The average estimate of 17 analysts surveyed by FactSet was a loss of $4.30 per share. Kelly began the call with analysts and reporters by bluntly stating We lost a billion dollars in the first quarter, leaning into the companys unadjusted loss rather than its net profit after one-time accounting items. In the first quarter of 2020 it lost $223 million, or $1.89 a share.
the first quarter loss would have been $43 million
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the first quarter loss would have been $43 million
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