2-May-2012 1:23 PM

WestJet 1Q2012 revenue growth exceeds expectation, operating profit up 32%

WestJet revenue up 15% – financial highlights for three months ended 31-Mar-2012:

  • Revenue: CAD891.0 million (USD889.2 million), +15.3% year-on-year;
  • Costs: CAD785.3 million (USD783.7 million), +13.4%;
    • Fuel: CAD262.1 million (USD261.5 million), +19.7%;
    • Airport operations: CAD113.8 million (USD113.6 million), +4.3%;
  • Operating profit: CAD105.7 million (USD105.4 million), +32.3%;
  • Net profit: CAD68.3 million (USD68.2 million), +41.6%;
  • Passenger numbers: 4.2 million, +8.5%;
  • Load factor: 83.0%, +1.0 ppt;
  • Yield: CAD18.87 cents (USD18.83 cents), +4.8%;
  • Revenue per ASM: CAD15.66 cents (USD15.63 cents), +6.0%;
  • Cost per ASM: CAD13.80 cents (USD13.77 cents), +4.2%;
  • Cost per ASM excl fuel and employee profit share: CAD8.95 cents (USD8.93 cents), +0.4%;
  • Total assets: CAD3628 million (USD3621 million), +4.4% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: CAD1401 million (USD1398 million), +12.6% when compared to period ended 31-Dec-2011;
  • Total liabilities: CAD2215 million (USD2211 million), +5.3% when compared to period ended 31-Dec-2011;
  • FY2012 forecast:

*Based on the average conversion rate at USD1 = CAD1.002

WestJet: "Revenue growth exceeded our expectations this quarter and contributions to the top-line increase are coming from the ongoing improvement in our business offering, our airline partnership strategy, the strength of WestJet Vacations and increases in ancillary revenue,” Gregg Saretsky, president and CEO. Source: Company statement, 01-May-2012.

WestJet: “WestJet achieved its highest ancillary revenue per guest of CAD8.39 this quarter which lifted the net earnings per guest to approximately sixteen dollars. The airline expects RASM growth to continue into the second quarter, but at a slightly moderated pace than the RASM growth achieved in the first quarter of 2012,” Source: Company statement, 01-May-2012.

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