CALGARY, May 2, 2017 /CNW/ – WestJet (TSX: WJA) today announced its 48th consecutive profitable quarter, with first quarter 2017 net earnings of $48.3 million, or $0.41 per diluted share. This compares with quarterly net earnings of $87.6 million, or $0.71 per diluted share reported in the first quarter of 2016. These first quarter 2017 results include a pre-tax non-cash adjustment to its maintenance provision of $18.5 million and irregular operations related costs of $7.0 million due to severe winter weather experienced in the quarter. Based on the trailing twelve months, the airline achieved a return on invested capital of 10.0 per cent, compared with the 11.3 per cent reported in the previous quarter.

“We are pleased to report strong topline revenue growth and our first positive unit revenue (RASM) performance in eight quarters. We are seeing good results from Plus, our premium economy product, growth in our WestJet Rewards program and penetration into the business traveller segment all of which gives us confidence that RASM will continue to improve for the remainder of the year,” said WestJet President and CEO Gregg Saretsky. “I want to thank our over 12,000 WestJetters for their continued dedication to safely providing our growing number of guests with WestJet’s award-winning brand of friendly caring service, especially given the challenging winter weather conditions we endured in the quarter.”

Dividend declaration
On May 1, 2017, WestJet’s Board of Directors declared a cash dividend of $0.14 per common voting share and variable voting share for the second quarter of 2017, to be paid on June 30, 2017, to shareholders of record on June 14, 2017. All dividends paid by WestJet are, pursuant to subsection 89(14) of the Income Tax Act, designated as eligible dividends, unless indicated otherwise. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit.