CALGARY — WestJet’s third quarter results for 2016 reveal that the airline has achieved its 46th consecutive quarter of profitability, with net earnings of $116 million, an increase of 13.9% year over year.
A record 5.9 million guests flew with the airline during this quarter. Based on the trailing 12 months, it 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 third quarter net earnings, but also achieved our second best ever quarterly net earnings and earnings per share in our twenty-year history. This combined with our current forward outlook, gives us confidence in achieving positive year-over-year RASM growth starting in the first quarter of 2017, and demonstrates that our strategic plan positions us well for continued profitable growth,” said WestJet President and CEO Gregg Saretsky.
Yesterday, WestJet’s Board of Directors declared a cash dividend of $0.14 per common voting share and variable voting share for the fourth quarter of 2016, to be paid on Dec. 30, 2016 to shareholders of record on Dec. 14, 2016.