Westjet achieves 52nd consecutive quarter of profitability

posted on 9th May 2018 by Justin Burns
Westjet achieves 52nd consecutive quarter of profitability

WestJet has announced its first quarter (Q1) results for 2018 with net earnings of $37.2 million and it said while remaining profitable in a challenging quarter, this result compares with net earnings of $46.7 million in Q1 2017.

This was the Canadian’s low-cost carrier’s 52ndconsecutive quarter of profitability and it flew an all-time quarterly record of 6.1 million guests. Based on the trailing 12 months, the airline achieved a return on invested capital of 9.5 per cent, down from to 10.1 per cent in Q1 of 2017.

Westjet president and chief executive officer, Ed Sims said: “Even though winter 2018 brought many operational challenges, we successfully achieved record load factors and increased revenue by 6.9 per cent on a capacity increase of 4.3 per cent,.

“I want to thank every individual WestJetter for rising to the challenge through a very difficult operating quarter. Nonetheless, the quarter saw net earnings and margin decline as we continue to invest in the strategy laid out at Investor Day, in a higher fuel environment. We remain laser-focused on strategic execution to ensure we drive shareholder returns.”