WestJet Reports Record Year Earnings Of $368 Million
WestJet has announced its fourth quarter and year-end results for 2015,
with record full-year net earnings of $367.5 million, up 16% from
WestJet says the 2015 fourth quarter included a $10.1 million loss on
foreign exchange, compared with a $2.5 million loss a year earlier. The airline has been hit hard by the dollar's decline, which contributed to a 30 per cent decline in fourth-quarter profit.
also announced that the Toronto Stock Exchange has approved WestJet's amendment
to its existing normal course issuer bid to increase the maximum number of shares
the company is authorized to purchase from 4 million to 6 million during the
period of May 13, 2015toMay 12, 2016.
“Notwithstanding the impact that recent economic weakness
in Alberta has had on our results, our decision to increase our
normal course issuer bid demonstrates our confidence in WestJet's proven
business model and the financial strength of our airline," said Saretsky.
"Today we reported the 3rd-best fourth quarter in
WestJet's history to complete a record year in 2015,” said WestJet President
and CEO Gregg Saretsky.
"My thanks go out to our more than 11,000 WestJetters for all their
hard work in driving our continuing success as we look forward to celebrating
th birthday in 2016, a year which will see the
launch of our exciting new wide-body service to London Gatwick."
The 4th-quarter was WS’s 43rd consecutive
quarter of profitability and based on the trailing twelve months, the airline
achieved a return on invested capital of 15.3%, compared with the 16.1%
reported in the previous quarter, and within WestJet's target range of 13% to