Tuesday, 30 October 2018

WestJet to launch Fort Lauderdale service from St John's as the company releases its third-quarter results.

The Canadian airline WestJet has announced its third quarter results for 2018, this week along with details of a new service non-stop from St. John's to Fort Lauderdale this winter. 

The airline impressed industry commentators with recording net earnings of $45.9 million, this result compares with net earnings of $135.9 million reported in the third quarter of 2017. Year-to-date, WestJet recorded net earnings of $62.3 million. Many had thought the company would report loss for this difficult trading period.

"We are pleased to return to profitability in the third quarter," Ed Sims, WestJet President and CEO. "We have achieved this result despite continued downward pressure from the dramatic increases in fuel price and competitive capacity, along with the lingering impact of the threat of industrial action. We now look forward to the delivery of our first Boeing 787-9 Dreamliner in late January, and starting direct services in Spring 2019 from Calgary to London (Gatwick), Paris, and Dublin. I would like to thank every WestJetter for their focus on delivering award-winning service to our guests." 


Fort Lauderdale weekly service from St Johns 

The new St. John's to Fort Lauderdale service will start  March 11, 2019 and run through to May 13, 2019. "WestJet knows that the community of St. John's embraces Florida in the winter," said Brian Znotins, WestJet Vice-President Network Planning, Alliances and Corporate Development. "Along with our seasonal service to Tampa and Orlando, we are pleased to provide convenient, non-stop service to sunny Fort Lauderdale for those looking to jet south for warm air, beaches or cruising this winter."

"We're delighted that WestJet is expanding its service to the sunny south with a direct seasonal service to Fort Lauderdale," said Keith Collins, President and CEO, St. John's International Airport Authority. "Florida is one of our top sun destinations and having a greater capacity for our travellers, in addition to Tampa and Orlando, will be well-received."

Details on WestJet's service between St. John's and Fort Lauderdale:
 Route
Frequency
Departing
Arriving
Effective
St. John's –  Fort
Lauderdale
Once
weekly
2:30 p.m
6:44 p.m
March 11,
2019
Fort Lauderdale – St.
John's
Once
weekly
7:30 a.m
1:38 p.m
March 11,
2019


Operating highlights (stated in Canadian dollars)

Q3 2018
Q3 2017
Change
Net earnings (millions)
$45.9
$135.9
(66.3%)
Diluted earnings per share
$0.40
$1.15
(65.2%)
Total revenue (millions)
$1,260.9
$1,214.6
3.8%
Operating margin
6.2%
16.3%
(10.1 pts)
ASMs (available seat miles) (billions)
8.880
8.077
9.9%
RPMs (revenue passenger miles) (billions)
7.516
6.922
8.6%
Load factor
84.6%
85.7%
(1.1 pts)
Segment guests
6,940,569
6,530,873
6.3%
Yield (revenue per revenue passenger mile) (cents)
16.78
17.55
(4.4%)
RASM (revenue per available seat mile) (cents)
14.20
15.04
(5.6%)
CASM (cost per available seat mile) (cents)
13.32
12.58
5.9%
Fuel costs per litre (cents)
85
62
37.1%
CASM, excluding fuel and employee profit share (cents)*
9.36
9.29
0.8%

 *Refer to reconciliations in the accompanying tables for further information regarding calculations.
Condensed Consolidated Interim Statement of Earnings


(Stated in thousands of Canadian dollars, except per share amounts)


(Unaudited)






Three months ended
September 30
Nine months ended
September 30

2018
2017(i)
2018
2017(i)





Revenue:




Guest
1,215,223
1,157,793
3,363,847
3,192,381
Other
45,679
56,831
176,352
195,195

1,260,902
1,214,624
3,540,199
3,387,576
Operating expenses:




Aircraft fuel
343,276
237,973
926,688
698,424
Salaries and benefits
249,733
231,197
752,517
691,122
Rates and fees
185,999
162,423
530,553
488,549
Depreciation and amortization
104,644
100,519
321,140
297,484
Sales and marketing
107,059
97,318
325,509
291,251
Maintenance
54,826
47,286
162,739
160,787
Aircraft leasing
32,612
40,070
106,985
124,976
Other
96,302
71,793
296,497
236,953
Employee profit share
8,276
27,610
11,403
42,392

1,182,727
1,016,189
3,434,031
3,031,938
Earnings from operations
78,175
198,435
106,168
355,638





Non-operating income (expense):




Finance income
6,862
4,853
20,763
13,500
Finance cost
(12,967)
(11,768)
(37,361)
(40,623)
Gain (loss) on foreign exchange
(2,588)
(204)
2,064
(4,717)
Gain on disposal of property and equipment
1,333
69
4,145
3,986
Gain (loss) on derivatives
(21)
(441)
14
(2,405)

(7,381)
(7,491)
(10,375)
(30,259)
Earnings before income tax
70,794
190,944
95,793
325,379





Income tax expense:




Current
4,507
24,449
4,734
44,501
Deferred
20,432
30,558
28,764
49,625

24,939
55,007
33,498
94,126
Net earnings
45,855
135,937
62,295
231,253




.
(Images   Fort Lauderdale Sunny.org / WestJet)
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