Thursday, 8 February 2018

WestJet reports fourth quarter and full-year results

 WestJet announced its fourth quarter and year-end results for 2017, with full-year net earnings of $283.6 million, or $2.42 per diluted share. This compares with net earnings of $295.5 million, or $2.45 per diluted share reported in the full-year 2016. The airline achieved its 51st consecutive quarter of profitability, reporting fourth-quarter net earnings of $48.5 million, or $0.42 per diluted share compared to $55.2 million, or $0.47 per diluted share reported in the fourth quarter of 2016. For the full-year and in each quarter of 2017, the airline flew a record number of guests. Based on the trailing twelve months, the airline recorded a return on invested capital of 10.0 percent, down 0.2 percentage points from the 10.2 percent reported in the previous quarter.

"In 2017, we continued our evolution toward becoming a global airline while flying a record number of guests and achieving our highest annual load factor in our history. We announced an agreement to enter a joint venture with Delta Airlines, which will give Canadians more access to our low fares and growing network. We also proudly took delivery of Canada's first Boeing 737 MAX aircraft this fall, and it was in service with high reliability before the busy holiday season," said WestJet President and CEO Gregg Saretsky. "WestJetters care to the core by safely providing our guests with award-winning and friendly service every day. I thank each of the more than 13,000 WestJetters for their work and dedication this quarter, especially in light of the severe cold and weather-related operational challenges."





Operating highlights (stated in Canadian dollars)

Q4 2017
Q4 2016
Change
Full-year
2017
Full-year
2016
Change
Net earnings (millions)
$48.5
$55.2
(12.2%)
$283.6
$295.5
(4.0%)
Diluted earnings per share
$0.42
$0.47
(10.6%)
$2.42
$2.45
(1.2%)
Total revenue (millions)
$1,117.4
$1,017.8
9.8%
$4,502.3
$4,122.9
9.2%
Operating margin
7.0%
8.4%
(1.4 pts)
9.7%
10.7%
(1.0 pts)
ASMs (available seat miles) (billions)
7.659
7.253
5.6%
30.998
29.298
5.8%
RPMs (revenue passenger miles) (billions)
6.329
5.816
8.8%
25.904
23.968
8.1%
Load factor
82.6%
80.2%
2.4 pts
83.6%
81.8%
1.8 pts
Segment guests
6,010,069
5,424,052
10.8%
24,137,477
21,951,463
10.0%
Yield (revenue per revenue passenger mile) (cents)
17.66
17.50
0.9%
17.38
17.20
1.0%
RASM (revenue per available seat mile) (cents)
14.59
14.03
4.0%
14.52
14.07
3.2%
CASM (cost per available seat mile) (cents)
13.57
12.86
5.5%
13.11
12.57
4.3%
CASM, excluding fuel and employee profit share (cents)*
10.23
9.87
3.6%
9.89
9.75
1.4%
*Refer to reconciliations in the accompanying tables for further information regarding calculations.


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