WestJet Reports Record Q3 Earnings Of $116 Million
WestJet has posted its best-ever 3rd quarter results, announcing net earnings of $116 million, as compared with net earnings of $101.8 million reported in the Q3 2015.
The airline achieved its 46th consecutive quarter of profitability and flew a record 5.9 million pax during the quarter.
Based on the trailing 12 months, the airline recorded a return on invested capital of 11.6%, up 0.2 percentage points from the 11.4% reported in the previous quarter.
"I am very pleased with how our robust business model has, even during an economic downturn in Alberta, delivered not only record 3rd quarter net earnings, but also achieved our 2nd best ever quarterly net earnings and earnings per share in our 20 yr. history,” said WestJet President & CEO Gregg Saretsky.
“This, combined with our current forward outlook, gives us confidence in achieving positive year-over-year RASM* growth starting in the 1st quarter of 2017, and demonstrates that our strategic plan positions us well for continued profitable growth," Saretsky added.
Look for more detailed Open Jaw coverage tomorrow, following today’s Q3 earnings call.