Monday, 29 July 2019

WestJet's second quarter results

The rapidly growing Canadian airline, WestJet has released its latest results for the second quarter of 2019, with net earnings of $44.3 million, or $0.38 per fully diluted share compared with a net loss of $15.8 million, or $0.14 per fully diluted share reported in the second quarter of 2018.

"We are very pleased with this significant return to second quarter profitability." said WestJet President & CEO Ed Sims. "I want to acknowledge the remarkable effort of all 14,000 WestJetters who rose to the challenge of delivering this notable improvement in year over year performance and thank all of our guests for their continued loyalty."

The Court of Queen's Bench of Alberta has granted a final order approving the previously announced proposed transaction with Onex Corporation. The Arrangement was approved by more than 92.5 per cent of shareholders and option holders who voted at a special meeting of WestJet held on July 23, 2019.

The Arrangement is still subject to other conditions to closing, including receipt of the remaining regulatory approvals.

Further information regarding the Arrangement is provided in WestJet's management information circular dated June 19, 2019. Assuming the timely receipt of the remaining regulatory approvals, the transaction is expected to close in the latter part of 2019.

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