WestJet reports record full-year profit of $317.2 million

WestJet reports record full-year profit of $317.2 million

CALGARY — WestJet posted record fourth quarter 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 in the full-year 2013, up 18%.

These fourth 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 the oldest Boeing 737 aircraft.

This 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 first transatlantic service to Dublin, Ireland,” said WestJet President and CEO Gregg Saretsky. “I look forward to an exciting 2015 which will see us flying our own wide-body aircraft for the first time.”

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