WestJet revenue up 7.0%, reports 20th consecutive quarterly profit in 1Q2010

WestJet revenue up 7.0% - financial highlights for the three months ended 31-Mar-2010:

• Revenue: USD604.5 million, +7.0% year-on-year;
• Costs: USD567.0 million, +12.1%;
  • Fuel: USD156.1 million, +12.4%;
• Operating profit: USD37.4 million, -36.8%;
• Net profit: USD13.5 million, -63.1%;
• Passenger numbers: 3.7 million, +6.9%;
• Load factor: 81.7%, +1.3 ppt;
• Yield: USD 15.74 cents, -2.4%;
• Revenue per ASM: USD 12.86 cents, -0.8%;
• Cost per ASM: USD 12.06 cents, +3.9%;
• Cost per ASM excl fuel and employee profit share: USD 8.70 cents, +4.9%;
• Capacity Forecast:
  • 2Q2010: +10%;
  • FY2010: +9% to +10%. [more]

*Based on the conversion rate at USD1 = CAD1.02535

WestJet: "With the implementation of our new reservation system behind us, we are focused on leveraging the benefits, capabilities and future products made available by the system. We are becoming increasingly confident that the significant year-over-year RASM declines we experienced in 2009 are behind us, due in part to improving consumer confidence and domestic capacity discipline. Stronger load factors and improving yield trends are starting to be seen, and assuming this trend remains, we expect to see year-over-year RASM gains in the second quarter of 2010," Company statement. Source: WestJet, 04-May-2010.