Calgary

WestJet Q3 profits surge to $119.4M — 2nd highest in airline's history

WestJet Airlines Ltd. says it earned $119.4 million in the third quarter, the second-highest level in the airline's history.

Revenues increased 10.5 per cent to $1.39 billion

WestJet has earned $119.4 million in its third quarter this year. (Mia Sheldon/CBC)

WestJet Airlines Ltd. says it earned $119.4 million in the third quarter, the second-highest level in the airline's history.

The Calgary-based airline says that equated to $1.02 per diluted share, compared with 61 cents per share or $70.1 million a year earlier.

Revenues increased 10.5 per cent to $1.39 billion, up from $1.26 billion in the prior year despite carrying fewer passengers.

The airline was expected to earn $91.4 million or 80 cents per share on $1.35 billion in revenues, according to financial markets data firm Refinitiv.

WestJet says it won't hold a conference call to discuss the quarterly results ahead of its planned $3.5-billion acquisition by Onex Corp., which is being contested by Air Canada over foreign ownership limits.

WestJet shareholders approved the proposed acquisition in July, with 92.5 per cent voting in favour. The same month, an Alberta court approved the deal, which Onex and WestJet expect to complete following further regulatory green lights later this year.

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Become a CBC Member

Join the conversationCreate account

Already have an account?

now