WestJet’s 3Q12 net earnings up 80% at $71m

WestJet has reported third quarter net earnings of $70.6 million, up from the net earnings of $39.3 million of the third quarter of 2011, marking the carrier’s 30th consecutive quarter of profitability.

"It was another great quarter for WestJet with significant earnings growth and continued margin expansion. We are also pleased to report a 12.7% return on invested capital which surpasses our 12% target," remarked WestJet president and CEO Gregg Saretsky. "This quarter, we achieved our highest ever quarterly load factor and I thank WestJetters for taking care of this record number of guests and contributing to these strong financial results.

WestJet expects that RASM growth will continue in the fourth quarter at a slightly moderated pace compared to the 2012 year-to-date growth.

"Our forward bookings indicate that demand for air travel remains healthy as we head into the winter season. We expect operating margin expansion in the fourth quarter and continued profitable growth into 2013," added Saretsky.

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