The FINANCIAL — WestJet on May 3 announced its 44th consecutive profitable quarter, with first quarter 2016 net earnings of $87.6 million, or $0.71 per diluted share.
This compares with the all-time high quarterly net earnings of $140.7 million, or $1.09 per diluted share reported in the first quarter of 2015. WestJet achieved an on-time performance rate of 83.0 per cent in the first quarter, a significant year-over-year improvement of 5.0 percentage points. Based on the trailing twelve months, the airline achieved a return on invested capital of 12.8 per cent, compared with the 15.3 per cent reported in the previous quarter, according to WestJet.
“Although we continue to feel the impact of economic weakness in Alberta, the fundamentals of our business remain strong as demonstrated by our recent assignment of an investment grade credit rating by Moody’s, and we are seeing positive trends as a result of adjustments we have made to our schedules and the strategic initiatives we are undertaking,” said WestJet President and CEO Gregg Saretsky. “My thanks go out to our more than 11,000 WestJetters for continuing to provide our award-winning brand of friendly caring service as we celebrate our 20th year of operations.”
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