WestJet reports third quarter net earnings of $65 million, 34th consecutive profitable quarter

WestJet reports third quarter net earnings of $65 million, 34th consecutive profitable quarterCALGARY — WestJet reported net earnings of $65.1 million for the third quarter compared with the net earnings of $70.6 million in the third quarter of 2012.

Based on the trailing 12 months, the airline achieved a return on invested capital of 13.8%, compared with the 14.4% reported in the previous quarter, and one of the best third quarters in WestJet history.

“We had a strong third quarter in which we flew a record number of guests, exceeded our 12% ROIC target for the fifth consecutive quarter, and reached our initial business transformation initiative milestone one year early by implementing and identifying various opportunities which we believe will result in approximately $100 million in future cost savings in 2014,” said WestJet President and CEO Gregg Saretsky. “With the market launch of our Plus product in August, we are now providing our business and leisure guests with even more flexibility, comfort and convenience.”

WestJet also announced October 2013 traffic results with a load factor of 79.2%. Revenue passenger miles (RPMs), or traffic, increased 5.4% year over year, and capacity, measured in available seat miles (ASMs), grew 8.1% over the same period. The airline flew a record 1.5 million guests in October, a year-over-year increase of 4.3% or approximately 62,000 additional guests.