WestJet Reports Record Year Earnings Of $368 Million

Gregg Saretsky

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 full-year 2014. 

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.

The airline 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, 2015 to May 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 WestJet's 20 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 16%.

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