WestJet profits surge 25% in 1Q2011

WestJet revenue up 25% - financial highlights for the three months ended 31-Mar-2011:

• Revenue: USD809.4 million, +24.7% year-on-year;
  • Ancillary: USD31.0 million, +42.3%;
• Operating costs: USD725.8 million, +16.4%;
  • Fuel: USD229.5 million, +36.8%;
• Operating profit: USD83.7 million, +231.4%;
• Net profit: USD50.5 million, +1908%;
• Capital expenditure: USD55.0 million;
• Passenger numbers: 3.9 million, +5.7%;
• Load factor: 82.0%, +0.3 ppt;
• Yield: USD 18.6 cents, +11.6%;
• Revenue per ASM: USD 15.48 cents, +12.1%;
• Cost per ASM: USD 13.87 cents, +4.5%;
• Cost per ASM excl fuel and employee profit: USD 9.34 cents, -3.3%;
• Average sector length: 1021 miles, +6.0%;
• Total assets: USD3644 million, +2.8% when compared with the period ended 31-Dec-2010;
• Cash and cash equivalents: USD1312 million, +5.4% when compared with the period ended 31-Dec-2010;
• Total liabilities: USD2252 million, +3.6% when compared with the period ended 31-Dec-2010;
• 2Q2011 forecast:
  • Capacity: +8% to +10%;
  • Fuel costs: USD1.0 to USD1.03 per litre, +36% to +40%;
• 1H2011 forecast:
  • Cost per ASM excl fuel and employee profit share: flat;
• FY2011 forecast:
  • Capacity: +6% to +8%;
  • Capital expenditure: USD99.6 million to USD110.0 million. [more]

* Based on the conversion rate CAD1 = USD1.04792

WestJet: "We are optimistic that the economy will continue to recover and consumer demand will remain strong. Thus far, the market has accepted the higher fares needed to help offset the rising fuel costs and we will continue to monitor both consumer demand and fuel prices very closely," Company statement. Source: WestJet, 03-May-2011.