WestJet reports record full-year net earnings

WestJet has announced its fourth quarter and year-end results for 2013, with record net earnings of C$268.7 million, up from the net earnings of C$242.4 million for the full-year 2012.

For the fourth quarter, the airline reported diluted earnings per share of C$0.52, up from C$0.46 reported last year. This represents WestJet's 35th consecutive quarter of profitability, and based on the trailing 12 months, the airline achieved a return on invested capital of 13.9%, compared with the 13.8% reported in the previous quarter.

“We continued to expand on our success in 2013 as several key accomplishments, including the launch of WestJet Encore and our Fare Bundles product, helped us achieve a year of record earnings, and a return on invested capital above our 12% target for the sixth consecutive quarter,” noted WestJet president and CEO Gregg Saretsky.

Yield (revenue per RPM) fell slightly, down 0.4%, to 18.69C¢ from 18.77C¢, but the rise in passengers carried was 6.1%, so greater revenue accrued.

WestJet said that it expects continued strong traffic and revenue growth in the first quarter of 2014, and to achieve continued earnings growth for the full-year 2014.

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