WestJet Posts Record Earnings For Q1 As Fuel Costs Plummet

Canadian low-cost carrier WestJet has reported a 58 per cent increase in quarterly net earnings year on year taking them to a record C$140.7m ($117m).

Canadian low-cost carrier WestJet has reported a 58 per cent increase in quarterly net earnings year on year taking them to a record C$140.7m ($117m).

In publishing its results for Q1 2015, the carrier confirmed that its operating margin had also leapt 5.6 percentage points to 18.2 per cent and that revenues were up four per cent to C$1.1bn ($901m).

The carrier’s operating costs meanwhile fell by 2.6 per cent, with fuel costs dropping by 26 per cent year on year.

In its earnings call yesterday (May 5) president and CEO Gregg Saretsky confirmed the airline would complete its installation of slimmer seats on its entire Boeing fleet by the end of 2016.

During the first three months of the year WestJet sold three of its older 737s to Southwest and took delivery of three 737s and four Q400s.

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