WestJet reports a significant return to second quarter profitability

WestJet has announced its second quarter results for 2019, with net earnings of $44.3 million, or $0.38 per fully diluted share compared with a net loss of $15.8 million, or $0.14 per fully diluted share reported in the second quarter of 2018.

“We are very pleased with this significant return to second quarter profitability.” said WestJet President & CEO Ed Sims. “I want to acknowledge the remarkable effort of all 14,000 WestJetters who rose to the challenge of delivering this notable improvement in year over year performance and thank all of our guests for their continued loyalty.”

Operating highlights* (stated in Canadian dollars)

Q2 2019 Q2 2018 Change
Net earnings (millions) $44.3 ($15.8) 379.8%
Diluted earnings per share $0.38 ($0.14) 371.4%
Total revenue (millions) $1,212.9 $1,087.6 11.5%
Operating margin 3.5% (0.7%) 4.2 pts.
ASMs (available seat miles) (billions) 8.145 7.922 2.8%
RPMs (revenue passenger miles) (billions) 7.099 6.646 6.8%
Load factor 87.2% 83.9% 3.3 pts.
Segment guests 6,493,802 6,276,226 3.5%
Yield (revenue per revenue passenger mile) (cents) 17.09 16.36 4.5%
RASM (revenue per available seat mile) (cents) 14.89 13.73 8.5%
CASM (cost per available seat mile) (cents) 14.38 13.84 3.9%
Fuel costs per litre (cents) 81 81
CASM, excluding fuel and employee profit share
(cents)*
10.66 10.06 6.0%
*Refer to reconciliations in the accompanying tables for further information regarding calculations.