WestJet Airlines Ltd. says 2014 had a record fourth-quarter profit, as the number of passengers increased in line with additional fleet capacity and revenue increased about seven per cent over the year-earlier period.
The Calgary-based airline posted a 33.8 per cent increase in fourth-quarter profit, which increased to $90.7 million from $67.8 million in the comparable three-months of 2013.
Excluding the impact of selling 10 older aircraft at a loss, WestJet's adjusted net income was $317.2 million, up from $268.7 million a year earlier.
New deal with pilots
The company's profit amounted to 70 cents per share, either as diluted net income or adjusted earnings. Analysts had estimated 73 cents per share of adjusted earnings and 70 cents per share of net income.
WestJet said the fourth quarter included a $9.8-million pre-tax incentive payment associated with a new pilot agreement reached in December, and a $2.5-million pre-tax loss on the sale of 10 older Boeing 737 aircraft.
Revenue for three months ended Dec. 31 was $994.4 million, up 7.3 per cent from a year ago and in line with estimates as a result of growth at both the main airline and the new WestJet Encore regional service.
Excluding the fuel and employee profit sharing, WestJet's adjusted cost per available seat mile dropped about one per cent.
Fuel expense declined by about $16.7 million to $243.8 million but that was largely offset by an $11-million increase in employee profit sharing expense, which rose to $24.4 million from $12.5 million in the fourth quarter of 2013.
The fourth quarter load factor decline to 79.7 per cent from 80.3 per cent as WestJet's fleet capacity increased by 7.3 per cent to 6.4 billion available seat miles and passenger traffic increased 6.5 per cent to 5.1 billion revenue passenger miles.
Dividend jumps to 14 cents
The Calgary-based airline also announced its dividend will be going up by 17 per cent, starting with a quarterly payment of 14 cents per share on March 31 — the fifth increase since WestJet began making the payouts to shareholders in 2010.
For the full year, WestJet had $284 million of net income ($317.2 million on an adjusted basis) and revenue was nearly $4 billion in 2014. That compared with $268.7 million of net income ($268.7 million on an adjusted basis) and revenue of about $3.7 billion in 2013. Adjusted earnings per share totalled $2.46 in 2014, up from $2.03 in 2013 — a 21 per cent increase.
"In 2014 we continued to execute on our profitable growth strategies which included the expansion of WestJet Encore, the further unbundling of our fares, the introduction of WestJet Rewards tiers, and the very successful launch of our first transatlantic service to Dublin, Ireland," said WestJet President and CEO Gregg Saretsky.
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