WestJet Airlines Ltd. (WJA) reported fourth-quarter profit that matched analysts’ estimates as the Canadian carrier flew more passengers and revenue climbed.
Net income rose 11 percent to C$67.8 million ($61.2 million), or 52 cents a share, from C$60.9 million, or 46 cents, a year earlier, the Calgary-based airline said today in a statement. That compared with analysts’ average projection of 52 cents a share excluding some items, based on 13 estimates compiled by Bloomberg.
Canada’s second-largest carrier is expanding its short-haul Encore unit to challenge larger rival Air Canada. Revenue for the quarter climbed 7.6 percent to C$926.4 million, compared with the C$931 million average estimate, as WestJet flew 4.56 million passengers -- a 5.6 percent increase from the same period a year ago.
WestJet fell 1.2 percent to C$24.85 in Toronto yesterday. The shares have dropped 11 percent this year, compared with a 1 percent decline for Canada’s benchmark Standard & Poor’s/TSX Composite Index. (SPTSX)
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