The Calgary-based airline company, WestJet Ltd, announced strong fourth quarter earnings today, surpassing Wall Street expectations.
The company reported total net profits of $47.9-million ($0.33 per share) in the period. Analysts were expecting about $0.20 EPS.
The reported earnings were up about 130-percent over the same period last year, when the company reported $20.2-million ($0.14 EPS) in net earnings in the previous fourth quarter results.
WestJet also reported earnings for the full fiscal year, reporting net income of $136.7-million (gross earnings were $2.61) in 2010, up significantly from only $98.2-million in the previous fiscal year.
The company says it is hoping to expand its services in the short term in order to increase volume by partnering with other airlines that have larger aircraft capable of flying further.
WestJet confirmed it will add an additional forty-two Boeing aircraft to its fleet throughout 2018.
WestJet currently only has smaller Boeing 737 aircrafts in its fleet.
Cash flow from operations significantly increased to $443,283 in fiscal 2010 from $318,661 in 2009, fueled by stronger net earnings.
Despite the record earnings announcement, the WestJet stock (TSE:WJA) is trading down in early morning trading.
See here for consolidated financial statements.
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