WestJet announces record 3Q results

WestJet has reported its third quarter 2014 (3Q14) results, with record adjusted net earnings of C$85.4 million, up 31.2% from 3Q13 net earnings of C$65.1 million.

These adjusted results exclude a pre-tax non-cash loss of C$45.5 million associated with the previously disclosed sale of 10 of the airline’s oldest Boeing 737s. Without that adjustment, net earnings were C$52.2 million, comapred with C$65.1 million, a 19.8% reduction.

"We are very pleased with another quarter of record financial results, exceeding our ROIC target for the ninth consecutive quarter and improving our on-time performance rate by 3.4 percentage points year-over-year to 81.9%," said WestJet president and CEO Gregg Saretsky. "We continue to strengthen WestJet's network with the further rollout of WestJet Encore, our recent announcement of service to Glasgow, our first destination in the United Kingdom, and the evolution of our existing interline agreements with China Airlines and Qantas into codeshare agreements.”

Total revenue for 3Q14 was up 9.2% at C$1,009.7 million, compared with C$924.8 million in 3Q13. Yield (revenue per revenue passenger mile) for 3Q14 was C$0.1870 compared with C$0.1828 in the same period last year, a 2.3% increase, while RASM (revenue per available seat mile) rose by 2.6% to C$0.1554 from C$0.1514

CASM (cost per available seat mile) increased by just 0.6% to C$0.1360 from C$0.1352, while the CASM excluding fuel and employee profit share fell by 0.7% to C$0.890 from C$0.896.

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