National News

WestJet posts Q1 net earnings of $89.3M

By The Canadian Press

CALGARY - WestJet Airlines Ltd. posted first-quarter net earnings of $89.3 million, or 69 cents per diluted share, down two per cent from the same quarter last year.

However, the quarterly earnings per share were six cents ahead of analysts' estimates.

In the same quarter last year, WestJet earned a net profit of $91.1 million, or 68 cents per diluted share.

WestJet said revenue during the quarter totalled $1.042 billion, a gain of 7.7 per cent over the same period of 2013, in line with analysts' expectations.

The airline said the quarterly results include pre-tax recoveries of value-added taxes of $17.6 million associated with fuel costs and $2.5 million associated with airport costs from 2009 to 2013.

On Monday, WestJet (TSX:WJA) said it flew 1.6 million passengers in April, up 7.7 per cent or 116,000 extra passengers from the same month in 2013.

The Calgary-based airline said it had a load factor of 82.3 per cent, down from 82.7 per cent in the same month last year.

Its passenger traffic increased 6.5 per cent year over year, while capacity grew 7.1 per cent to 2.15 billion available seat miles.

"We had a very strong start to 2014, as we achieved our second-best ever firs- quarter earnings," WestJet president and CEO Gregg Saretsky said in a news release on Tuesday.

He added that the first-quarter results represent a 36th consecutive profitable quarter and record earnings per share.

"Our continued track record of profitability combined with strong liquidity and solid market position contributed to Standard & Poor's assigning WestJet an investment grade credit rating of BBB- this past February," Saretsky said.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Carriers deserve our appreciation
Royal LePage says home prices may be slowing
Gonzalo gives Newfoundland glancing blow
Bamford takes top honours at country awards
Trial date set for three accused in Bacon murder
LIVE STREAM: TEDx conference in Vancouver; Past highlights on Travel, Learning, and Gossip
Crash cuts power to Langley homes
Surrey RCMP seek car theft suspects
No criminal charges for Downtown fire

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 16 edition online now. Browse the archives.