WestJet announces 1Q 2017 net earnings of CAD 48.3m

WestJet (TSX: WJA) has announced its 48th consecutive profitable quarter, with first quarter 2017 net earnings of CAD 48.3m, or CAD 0.41 per diluted share, the airline said.

This compares with quarterly net earnings of CAD 87.6m, or CAD 0.71 per diluted share reported in the first quarter of 2016. These first quarter 2017 results include a pre-tax non-cash adjustment to its maintenance provision of CAD 18.5m and irregular operations related costs of CAD 7.0m due to severe winter weather experienced in the quarter.

Based on the trailing twelve months, the airline achieved a return on invested capital of 10.0 per cent, compared with the 11.3 per cent reported in the previous quarter.

WestJet´s board of directors has declared a cash dividend of CAD 0.14 per common voting share and variable voting share for the second quarter of 2017, to be paid on June 30, 2017, to shareholders of record on June 14, 2017.

WestJet offers scheduled service to more than 100 destinations in North America, Central America, the Caribbean, and Europe. Through its regional airline, WestJet Encore, and with partnerships with airlines representing every major region of the world, the airline offers more than 150 destinations in over 20 countries.