WestJet Q1 results

Dino D'Amore
By Dino D'Amore May 4, 2016 20:18

WestJet Q1 results

WestJet has announced first quarter 2016 net earnings of $87.6 million, or $0.71 per diluted share, which is a decline of 38% from prior- year period, when the company earned $140.7 million, or $1.09 per share.

Based on the trailing twelve months, the airline achieved a return on invested capital of 12.8 per cent, compared with the 15.3 per cent reported in the previous quarter.

“Although we continue to feel the impact of economic weakness in Alberta, the fundamentals of our business remain strong as demonstrated by our recent assignment of an investment grade credit rating by Moody’s, and we are seeing positive trends as a result of adjustments we have made to our schedules and the strategic initiatives we are undertaking,” said WestJet President and CEO Gregg Saretsky.

WestJet was impacted by the cancellation of daily flights in January from Alberta’s airports following a steep decline in demand.
“Although we continue to feel the impact of economic weakness in Alberta, the fundamentals of our business remain strong,” said Saretsky. “We are seeing positive trends as a result of adjustments we have made to our schedules and the strategic initiatives we are undertaking.”

The airline’s passenger traffic rose by 8% during the year to service 5,325,106 travellers.

Dino D'Amore
By Dino D'Amore May 4, 2016 20:18