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WestJet reports record second quarter net profit in 2Q2013

31-Jul-2013 2:17 PM

WestJet revenue up 4% - financial highlights:

  • Three months ended 30-Jun-2013:
    • Revenue: CAD843.7 million (USD827.6 million), +4.3% year-on-year;
      • Ancillary: CAD38.3 million (USD37.6 million), +15.0%;
    • Costs: CAD777.2 million (USD762.4 million), +5.2%;
      • Fuel: CAD241.2 million (USD236.6 million), -0.6%;
      • Airport operations; CAD111.0 million (USD108.8 million), +7.8%;
    • Operating profit: CAD66.5 million (USD65.2 million), -5.7%;
    • Net profit: CAD44.7 million (USD43.9 million), +5.3%;
    • Passenger numbers: 4.5 million, +5.3%;
    • Load factor: 79.4%, -2.2 ppts;
    • Yield: CAD 18.05 cents, -2.0%;
    • Revenue per ASM: CAD 14.33 cents, -4.6%;
    • Cost per ASM: CAD 13.20 cents, -3.7%;
    • Cost per ASM excl fuel and employee profit share: CAD 9.06 cents, -0.7%;
  • Six months ended 30-Jun-2013:
    • Revenue: CAD1811 million (USD1776 million), +6.5%;
      • Ancillary: CAD75.3 million (USD73.9 million), +9.4%;
    • Costs: CAD1612 million (USD1581 million), +5.8%;
      • Fuel: CAD512.3 million (USD502.5 million), +1.5%;
      • Airport operations: CAD226.0 million (USD221.7 million), +8.6%;
    • Operating profit: CAD198.8 million (USD195.0 million(, +12.9%;
    • Net profit: CAD135.8 million (USD133.2 million), +22.6%;
    • Passenger numbers: 9.0 million, +5.7%;
    • Load factor: 81.9%, -0.4 ppt;
    • Yield: CAD 18.55 cents, -0.5%;
    • Revenue per ASM: CAD 15.19 cents, -1.0%;
    • Cost per ASM: CAD 13.52 cents, -1.7%;
    • Cost per ASM excl fuel and employee profit share: CAD 9.00 cents, -0.3%;
    • Total assets: CAD3759 million (USD3687 million);
    • Cash and cash equivalents: CAD1224 million (USD1201 million);
    • Total liabilities: CAD2205 million (USD2163 million);
  • 3Q2013 forecast:
    • Cost per ASM excl fuel and employee profit share: -0.5% to -1.5%;
  • FY2013 forecast:
    • Cost per ASM excl fuel and employee profit share: -0.5% to -1.0%;
  • FY2014 forecast:

*Based on the average conversion rate at USD1 = CAD1.0194

WestJet: “WestJet expects to continue its strong traffic and revenue growth in the third quarter of 2013. The airline anticipates its 2013 third quarter RASM, as compared to the same period in the prior year, to experience a similar level of year-over-year percentage decline as the second quarter of 2013, primarily as a result of increased capacity associated with higher utilization, the reconfiguration of WestJet's Boeing 737-800 fleet, and the ramping up of WestJet Encore. June and July traffic experienced some booking weakness due to the impact of flooding in Calgary and the surrounding communities,” Gregg Saretsky, President and CEO. Source: Company statement, 30-Jul-2013.