WestJet net earnings off record amount from previous quarter

WestJet (TSX: WJA) reported first quarter 2016 net earnings of USD87.6 million, or USD0.71 per diluted share, the company said.

This compares with the all-time high quarterly net earnings of USD140.7 million, or USD1.09 per diluted share reported in the first quarter of 2015.

WestJet achieved an on-time performance rate of 83.0 per cent in the first quarter, a significant year-over-year improvement of 5.0 percentage points. Based on the trailing twelve months, the airline achieved a return on invested capital of 12.8 per cent, compared with the 15.3 per cent reported in the previous quarter.

WestJet Airlines Ltd. provides scheduled airline services and travel packages. The company offers scheduled flights; operates WestJet Vacations that provides air, hotel, car, and excursion packages, as well as WestJet Encore, a regional airline with a fleet of turboprop aircraft in a network of destinations in Canada, and a destination in the United States; and provides cargo and charter services. As of December 31, 2015, it operated a fleet of 114 Boeing 737 Next Generation aircraft, 24 Bombardier Q400 aircraft, and 2 Boeing 767-300ERW aircraft for approximately 100 destinations in North America, Central America, the Caribbean, and Europe. The company was founded in 1994 and is headquartered in Calgary, Canada.