WestJet beats expectations as Q3 profits surge to C$119.4m
WestJet says it earned $119.4m in Q3, the second-highest level in the airline’s history. The Calgary-based airline says that equated to $1.02 per diluted share, compared with 61 cents per share or $70.1 million a year earlier. Revenues increased 10.5% to $1.39b, up from $1.26b in the prior year despite carrying fewer passengers. The airline was expected to earn $91.4m or 80 cents per share on $1.35b in revenues, according to financial markets data firm Refinitiv. WestJet says it won’t hold a conference call to discuss the quarterly results ahead of its planned $3.5b acquisition by Onex Corp., which is being contested by Air Canada over foreign ownership limits. WestJet shareholders approved the proposed acquisition in July, with 92.5% voting in favour. The same month, an Alberta court approved the deal, which Onex and WestJet expect to complete following further regulatory green lights later this year. “We are very pleased with these remarkable results, achieving our highest ever third quarter load factor, second-highest ever third quarter net earnings and the third-highest quarterly net earnings in WestJet’s history,” said Ed Sims, WestJet president and CEO.<br/>
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WestJet beats expectations as Q3 profits surge to C$119.4m
WestJet says it earned $119.4m in Q3, the second-highest level in the airline’s history. The Calgary-based airline says that equated to $1.02 per diluted share, compared with 61 cents per share or $70.1 million a year earlier. Revenues increased 10.5% to $1.39b, up from $1.26b in the prior year despite carrying fewer passengers. The airline was expected to earn $91.4m or 80 cents per share on $1.35b in revenues, according to financial markets data firm Refinitiv. WestJet says it won’t hold a conference call to discuss the quarterly results ahead of its planned $3.5b acquisition by Onex Corp., which is being contested by Air Canada over foreign ownership limits. WestJet shareholders approved the proposed acquisition in July, with 92.5% voting in favour. The same month, an Alberta court approved the deal, which Onex and WestJet expect to complete following further regulatory green lights later this year. “We are very pleased with these remarkable results, achieving our highest ever third quarter load factor, second-highest ever third quarter net earnings and the third-highest quarterly net earnings in WestJet’s history,” said Ed Sims, WestJet president and CEO.<br/>
