Posted on: 02 February 2016 by Mark Howells
WestJet has reported its fourth quarter and year-end results for 2015, featuring record full-year net earnings of $367.5 million.
This 2015 result compares with the adjusted net earnings of $317.2 million reported in 2014. Those full-year 2014 adjusted net earnings exclude an after-tax non-cash loss of $33.2 million recorded in the third quarter of 2014 associated with the previously disclosed sale of 10 of WestJet's oldest Boeing 737 aircraft.
This represents WestJet's 43rd consecutive quarter of profitability and based on the trailing twelve months, the airline achieved a return on invested capital of 15.3%, compared with the 16.1% in the previous quarter, and within WestJet's target range of 13%-16%.
"We [have] reported the third best fourth quarter in WestJet's history to complete a record year in 2015," remarked WestJet president and CEO Gregg Saretsky. "My thanks go out to our more than 11,000 WestJetters for all their hard work in driving our continuing success as we look forward to celebrating WestJet's 20th birthday in 2016, a year which will see the launch of our exciting new wide-body service to London Gatwick."
WestJet also announced that the Toronto Stock Exchange has approved WestJet's amendment to its existing normal course issuer bid to increase the maximum number of shares the company is authorised to purchase from 4 million shares to 6 million shares during the period of 13 May 2015 to 12 May 2016.
WestJet's Board of Directors have also declared a cash dividend of $0.14 per common voting share and variable voting share for the first quarter of 2016, to be paid on 31 March 2016, to shareholders of record on 16 March 2016.