WestJet reports increased 2Q net earnings

WestJet has announced second quarter 2011 (2Q11) net earnings of C$25.6 million, significantly up on the net earnings of C$6.8 million reported in the second quarter of 2010.

"A strong pricing environment allowed us to manage our yield in the second quarter to offset the elevated cost of fuel," noted WestJet president and CEO Gregg Saretsky. "We saw improvements in our key operational metrics this quarter and also kept our controllable costs in check which contributed to our strong results."

As mentioned, in 2Q11 net earnings were C$25.6 million, compared with C$6.8 million in 2Q10, a 274.7% increase. Total revenues rose by 21.4% to C$742.3 million for 2Q11 from 2Q10’s figure of C$611.7 million. The operating margin of 6.9% in 2Q11 was 2.6 percentage points up on 4.3% in 2Q10.

Yield (revenue/RPM in cents) stood at 18.14 for 2Q11, compared with 15.99 for 2Q10, a 13.4% increase. RASM (revenue/ASM in cents) was up by 10.8% to 14.17 from 12.79 for the respective periods. CASM (cost/ASM in cents) rose by a smaller amount – 7.8% – to 13.19 from 12.24, while CASM excluding fuel and employee profit share, again in Canadian cents was 8.70 compared with 8.72, a 0.2% decrease.

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