WestJet posts first quarterly loss in 13 years; shares fall
WestJet Airlines posted its first quarterly loss in 13 years in the 3 months ended June 30 amid the threat of a strike by pilots and soaring fuel costs. The impact of the potential pilots strike will linger into Q3, WestJet officials said Tuesday because some people cancelled bookings they had scheduled for July. The strike threat was removed in late May after the airline and the pilots union agreed to go to binding arbitration if they can’t reach a deal. Fuel prices are expected to be more damaging in Q3 than they were in Q2 – up between 35% and 38% in the current quarter versus a 31% surge in Q2 from year-earlier levels. Amid the rising fuel prices and other cost pressures, WestJet will cut the number of available seat miles by 6% and is examining routes to determine where capacity can be cut, executives said Tuesday. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-08-01/unaligned/westjet-posts-first-quarterly-loss-in-13-years-shares-fall
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WestJet posts first quarterly loss in 13 years; shares fall
WestJet Airlines posted its first quarterly loss in 13 years in the 3 months ended June 30 amid the threat of a strike by pilots and soaring fuel costs. The impact of the potential pilots strike will linger into Q3, WestJet officials said Tuesday because some people cancelled bookings they had scheduled for July. The strike threat was removed in late May after the airline and the pilots union agreed to go to binding arbitration if they can’t reach a deal. Fuel prices are expected to be more damaging in Q3 than they were in Q2 – up between 35% and 38% in the current quarter versus a 31% surge in Q2 from year-earlier levels. Amid the rising fuel prices and other cost pressures, WestJet will cut the number of available seat miles by 6% and is examining routes to determine where capacity can be cut, executives said Tuesday. <br/>
