WestJet has announced its fourth quarter and full-year results for 2009, with profits reported for both time periods.
The airline reported fourth quarter net earnings of C$20.2 million and full-year net earnings of C$98.2 million. The airline's results were affected by a non-recurring net future income tax reduction during 2009. Excluding this gain, WestJet reported adjusted fourth quarter net earnings of $15.1 million and adjusted full-year net earnings of $93.1 million.
"We are pleased to report that WestJet finished 2009 with its 19th consecutive quarter of profitability," remarked WestJet president and CEO Sean Durfy. "Achieving four quarters of profitable results in a year that will be remembered as the world's worst recession since the great depression is truly a testament to the ability of our WestJetters and our solid business model. The additional challenges of H1N1 [virus] and enhanced security measures made this an extremely difficult business environment for the airline industry. However, our WestJetters once again demonstrated that our company can deliver industry-leading financial results despite the pressures."
The airline reported a fourth quarter operating margin of 6.3% compared to 9.6% in the same quarter of 2008. For the full year, WestJet achieved an operating margin of 9.2% compared with a 2008 margin of 11.5%.
"Our fourth quarter RASM decline of 10% was less of a decline than we expected thanks to a better than anticipated December. RASM continues to be closely managed by carefully balancing load factor and yield," noted Durfy.
"While reports of an economic rebound are starting to surface, we remain cautious in our predictions of recovery," he added. "We believe that we will continue to see pressure on fares in the first quarter of 2010. Although it is still early, it appears that first quarter RASM is tracking to a year-over-year decline of less than five per cent.
"We look back on 2009 as a foundational year, and in 2010 we are focused on finishing what we started. In the first quarter we will launch our frequent guest and credit card programmes. Throughout 2010, we will enter into additional strategic partnerships with other airlines and continue expanding WestJet Vacations, both of which we believe will enhance our future revenue growth. The strength and leadership of our WestJetters turned 2009 into a profitable year with significant accomplishments, and we have every reason to believe that we can carry this momentum into 2010."
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