WestJet (TSX: WJA) today announced a second quarter net earnings record of $42.5 million, or $0.31 per diluted share; up from the net earnings of $25.6 million, or $0.18 per diluted share, reported in the second quarter of 2011. These financial results mark WestJet's 29th consecutive quarter of profitability. Based on the trailing twelve months, the airline achieved a return on invested capital of 11.4 per cent, up from the 10.8 per cent reported last quarter.
"It was another record quarter as we set new second quarter highs for both net earnings and load factor," said WestJet President and CEO Gregg Saretsky. "Momentum continues at WestJet and we are very pleased with the operating margin expansion achieved again this quarter as we progress towards our return on invested capital target."
Today, WestJet also announced that it will be introducing a premium economy product on its entire Boeing 737 fleet featuring extra legroom, convenience and other amenities. Modifications to the aircraft will begin in August and the airline expects to have the fleet fully reconfigured by the end of 2012. "We believe that both business and leisure guests will appreciate the added value a premium economy product will offer and look forward to providing further details as we roll it out early next year," noted Gregg Saretsky.
