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WestJet reports 4Q and full 2010 net earnings

February 15, 2011

WestJet has reported full-year 2010 net earnings of $136.7 million and fourth quarter net earnings of $47.9 million.

Excluding special items, the result represents record fourth quarter net earnings and an increase of 217% compared to the fourth quarter of 2009.

“To finish 2010 with our 23rd consecutive profitable quarter is an accomplishment we are all very proud of,” commented WestJet president and CEO Gregg Saretsky. “These strong results would not have been possible without the dedication of the more than 8,000 WestJetters who are committed to the continued growth and success of our airline.”

WestJet reported a fourth quarter operating margin of 11.4%, compared to 6.3% in the fourth quarter of 2009. For the full year, WestJet achieved an operating margin of 9.5% compared with a 2009 margin of 9.2%, which the airline declares is among the best performances of North American airlines.

WestJet has announced, as part of its ongoing fleet planning review, the deferral of six aircraft deliveries from 2012 (2), 2013 (1), 2014 (2) and 2015 (1) out to 2017 (3) and 2018 (3). “The decision to defer these aircraft deliveries increases the flexibility in our fleet plan and creates some additional pricing power for us at a time of rising fuel costs and global economic uncertainty, all without deviating from our long-term growth strategy. The entirety of our order with Boeing remains intact,” commented Saretsky. “This revised delivery schedule allows us to better match the timing of those deliveries with the dates for potential lease returns which permits us to accelerate or decelerate capacity growth dependent on economic and market conditions.”

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