WestJet net earnings plunge more than 66% from a year ago

The airline reported on Tuesday that net earnings of $45.9 million were down from $135.9 million from the third quarter of 2017

Mario ToneguzziNet earning for Calgary-based WestJet fell by 66.3 per cent in the third quarter from a year ago.

The airline reported on Tuesday that net earnings of $45.9 million were down from $135.9 million from the third quarter of 2017.

The company reported diluted earnings per share of $0.40, which was down 65.2 per cent from a year ago’s $1.15.

Total revenue rose by 3.8 per cent from $1.21 billion in the third quarter last year to $1.26 billion.

WestJet had a net loss of $20.8 million in the second quarter.

“We are pleased to return to profitability in the third quarter,” said Ed Sims, WestJet president and CEO, in a news release. “We have achieved this result despite continued downward pressure from the dramatic increases in fuel price and competitive capacity, along with the lingering impact of the threat of industrial action.

“We now look forward to the delivery of our first Boeing 787-9 Dreamliner in late January, and starting direct services in spring 2019 from Calgary to London (Gatwick), Paris, and Dublin.”

Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.


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