Westjet Airlines Ltd. (WJA.TO) reported first quarter net earnings of C$68.3 million or C$0.49 per share, up from C$48.2 million or C$0.34 per share in the first quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to C$890.95 million from C$772.42 million in the prior year quarter. Seven analysts had consensus revenue estimate of C$868.86 million for the quarter.
WestJet also announced it has selected the Bombardier Q400 NextGen as the aircraft for its new, low-cost regional airline that is expected to launch as early as the second half of 2013.
WestJet has signed a letter of intent to purchase 20 Q400s with the option to purchase a further 25 aircraft. The airline expects to announce its initial regional schedule using the Q400s later in 2012.
WestJet's Board of Directors declared a cash dividend of C$0.06 per common voting share and variable voting share for the second quarter of 2012, to be paid on June 29, 2012, to shareholders of record on June 13, 2012.
WestJet now projects its 2012 full-year cost per available seat mile or CASM, excluding fuel and employee profit share will be up 1.5 to 2.5 per cent.
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