WestJet announces 3Q13 net earnings of C$65 million

WestJet has reported its third quarter 2013 (3Q13) results, with net earnings of C$65.1 million, a slight drop from 3Q12’s net earnings of C$70.6 million.
According to WestJet president and CEO Gregg Saretsky, the airline had a strong third quarter in which it flew a record number of passengers, exceeded its 12% ROIC target for the fifth consecutive quarter. “And [we] reached our initial business transformation initiative milestone one year early by implementing and identifying various opportunities which we believe will result in approximately $100 million in future cost savings in 2014," added Saretsky.
Revenues in 3Q13 totalled C$924.8 million, up by 6.7% from last October’s C$866.5 million. The operating margin, however, was down by 1.8 percentage points to 10.7% from 12.5%. Yield (revenue per RPM) dropped by 1.8% to 18.28 C¢ from 18.62 C¢.

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