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Record 2Q net earnings for WestJet

WestJet has announced its second quarter results for 2014 (2Q14), with net earnings of C$51.8 million, up on 2Q13’s net earnings of C$44.7 million.

Based on the trailing twelve months, the airline achieved a return on invested capital of 13.7%, consistent with the 13.7% reported in the previous quarter.

“We had a great second quarter, reporting record earnings, exceeding our ROIC target for the eighth consecutive quarter, and achieving an on-time performance rate of 84.5%, a year over year improvement of 3.5 percentage points,” commented WestJet president and CEO Gregg Saretsky. “We continue to execute on our growth plans, including new service to Dublin, Ireland, success with our fare bundles initiative, and the expansion of WestJet Encore.

“Encore celebrated its first birthday in June, recently welcomed its one-millionth guest, and exercised five additional purchase options for Q400 aircraft,” he noted.

Total revenue in 2Q14 was C$930.3 million, an increase of 10.3% over the C$843.7 million in 2Q13. The operating margin rose by 0.5 percentage points to 8.4% from 7.9% for the respective quarters.

On 7 July, WestJet announced that it was in the advanced stages of sourcing aircraft for its entry into widebody service. The airline has recently selected four Boeing 767-300ERW series aircraft which will initially operate on routes between Alberta and Hawaii during the winter season beginning in late 2015. The airline’s current winter service between Alberta and Hawaii, via two Boeing 757-200s operated by Thomas Cook, is ending in the spring of 2015. WestJet expects to expand its operation into overseas markets starting in the summer of 2016. Further announcements regarding WestJet’s widebody schedule will be released at a later date.

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