WestJet reports a record net profit of $317.2 million in 2014, up 18%

WestJet (Calgary) today announced its fourth quarter and year-end results for 2014, with record adjusted full-year net earnings1 of $317.2 million, or $2.46 per diluted share (all figures in Canadian dollars). This compares with the net earnings of $268.7 million, or $2.03 per diluted share reported in the full-year 2013, up 18 percent and 21 percent, respectively. For the fourth quarter, the airline reported record diluted earnings per share of $0.70, up 35 per cent from $0.52 reported last year. These fourth quarter 2014 results include pre-tax incentive payments of $9.8 million associated with WestJet’s new pilot agreement reached in December 2014 and a pre-tax non-cash loss of $2.5 million related to the previously disclosed sale of 10 of our oldest Boeing 737 aircraft.

This represents WestJet’s 39th consecutive quarter of profitability and based on the trailing twelve months, the airline achieved a return on invested capital of 14.3 per cent, compared with the 13.8 per cent reported in the previous quarter, representing the 10th consecutive quarter in which WestJet exceeded its 12 per cent target.

Notes:

(1) Full-year 2014 adjusted net earnings exclude an after-tax non-cash loss of $33.2 million recorded in the third quarter of 2014 associated with the previously disclosed sale of 10 of WestJet’s oldest Boeing 737 aircraft. Refer to reconciliations in the accompanying tables for further
information regarding calculations.

Copyright Photo: Brian McDonough/AirlinersGallery.com. WestJet is gradually removing its older Boeing 737-700s. Boeing 737-7CT C-FWSV (msn 32760) arrives at Fort Lauderdale-Hollywood International Airport.

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