WestJet reports USD71.5 million operating profit in 2Q2014

WestJet revenue up 10% - financial highlights:

• Three months ended 30-Jun-2014:
• • Revenue: CAD930.3 million (USD848.5 million), +10.3% year-on-year;
  • • Ancillary: CAD47.8 million (USD43.6 million), +24.8%;
  • Total operating costs: CAD851.9 million (USD776.9 million), +9.6%;
  • • Fuel: CAD274.9 million (USD250.7 million), +14.0%;
  • Operating profit: CAD78.4 million (USD71.5 million), +18.0%;
  • Net profit: CAD51.8 million (USD47.2 million), +15.7%;
  • Yield: CAD 18.87 cents (USD17.21 cents), +4.5%;
  • Revenue per ASM: CAD 15.02 cents (USD 13.70 cents), +4.8%;
  • Cost per ASM: CAD 13.76 cents (USD 12.55 cents), +4.2%;
  • Cost per ASM excl fuel and employee profit sharing: CAD 9.23 cents (USD8.42 cents), +1.9%;
• Six months ended 30-Jun-2014:
• • Revenue: CAD1972 million (USD1799 million), +8.9%;
  • • Ancillary: CAD98.5 million (USD89.8 million), +30.8%;
  • Total operating costs: CAD1762 million (USD1607 million), +9.3%;
  • • Fuel: CAD559.7 million (USD510.4 million), +9.3%;
  • Operating profit: CAD210.0 million (USD191.5 million), +5.6%;
  • Net profit: CAD141.1 million (USD128.6 million), +3.9%;
  • Yield: CAD 19.06 cents (USD 17.38 cents), +2.7%;
  • Revenue per ASM: CAD 15.52 cents (USD 14.15 cents), +2.2%;
  • Cost per ASM: CAD13.87 cents (USD 12.65 cents), +2.6%;
  • Cost per ASM excl fuel and employee profit sharing: CAD 9.26 cents (USD8.45 cents), +2.9%;
  • Total assets: CAD4179 million (USD3812 million);
  • Cash and cash equivalents: CAD1077 million (USD981.9 million);
  • Total liabilities: CAD2517 million (USD2296 million). [more - original PR]

*Based on the average conversion rate at USD1 = CAD1.0965

WestJet: "For the full-year 2014, we now expect between 6.0 and 7.0 per cent year-over-year growth in system-wide capacity, up from the 5.0 to 6.0 per cent change previously disclosed in the first quarter, as we have added capacity in response to the robust demand environment. We continue to anticipate domestic capacity growth between 5.0 and 6.0 per cent year over year for the full year 2014. In terms of the third quarter of 2014, we expect system-wide capacity to grow between 6.5 and 7.0 per cent year over year, and domestic capacity to grow between 4.5 and 5.0 per cent year over year. We anticipate continued strong traffic and revenue growth and positive year-over-year RASM growth in the third quarter of 2014, though moderating from the year-over-year RASM growth we experienced in the second quarter of 2014." Source: Company statement, 29-Jul-2014.