Southwest says 737 Max grounding is cutting

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

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

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

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

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

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

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

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

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

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

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