WestJet Full Year Net Earnings Up 18% To $317 Million
WestJet has announced its Q4 and year end results for 2014, with record adjusted full year net earnings of $317.2 million. This compares with the net earnings of $268.7 million reported in the full year 2013, an 18% jump.
For the 4th quarter, the airline reported record net earnings of $90.7 million, up from $67.8 million in the year before period. These 4th quarter 2014 results include pre-tax incentive payments of $9.8 million associated with WestJet's new pilot agreement reached in December 2014 and a pre-tax non-cash loss of $2.5 million related to the previously disclosed sale of 10 of its oldest Boeing 737 aircraft.
Q4 2014 represents WestJet's 39th consecutive quarter of profitability and based on the trailing 12 months, the airline achieved a return on invested capital of 14.3%, compared with the 13.8% reported in the previous quarter, representing the 10th consecutive quarter in which WestJet exceeded its 12% target.
"In 2014 we continued to execute on our profitable growth strategies which included the expansion of WestJet Encore, the further unbundling of our fares, the introduction of WestJet Rewards tiers and the very successful launch of our 1st transatlantic service to Dublin, Ireland," said WestJet President & CEO Gregg Saretsky.
"I want to thank our more than 10,000 WestJetters for all their contributions that made 2014 a record year, and I look forward to an exciting 2015 which will see us flying our own wide-body aircraft for the 1st time."