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WESTJET AIRLINES (Toronto symbol WJA; www.westjet.com) serves 91 destinations in North America, Central America, the Caribbean and Europe. Its fleet of 109 modern Boeing 737s are 30% more fuel efficient than older jets.
In June 2013, the company launched WestJet Encore, its Canadian regional airline. This business now operates 14 Bombardier Q400 NextGen turboprop planes, which seat 78 passengers.
In the three months ended September 30, 2014, WestJet’s earnings, excluding one-time items, jumped 30.9%, to a third-quarter record of $85.4 million from $65.1 million a year earlier. Earnings per share gained 32.0%, to $0.66 from $0.50, on fewer shares outstanding. This was WestJet’s 38th consecutive quarter of profitability. Revenue rose 9.2%, to $1.0 billion from $924.8 million.
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Stock picks: Cheaper fuel is major cost saving for WestJet
The Canadian airline market is highly competitive, especially with Air Canada expanding its Rouge budget airline to more leisure destinations in Europe, the Caribbean, Mexico and the U.S.
As well, WestJet’s competition may soon include U.S. competitors such as discount carrier Southwest Airlines, which is considering expanding internationally, and has discussed being in Canada before the end of the decade.
WestJet has jumped to new all-time highs this year as jet fuel prices continue to drop along with oil prices. Fuel makes up around a third of an airline’s operating costs.
Meanwhile, the company has a great hidden asset in its workforce, which continues to refrain from unionizing in favour of co-operating directly with management.
WestJet’s 1,250 pilots have just voted in favour of its recently negotiated labour agreement. The previous deal expired on April 30, 2013, and the new one will be effective until April 30, 2019.
Many flyers find that WestJet provides friendlier service than they get from unionized airlines. The company also benefits from the fact that most of its employees are also shareholders.
WestJet is a buy recommendation of our advisory on more aggressive investing, Stock Pickers Digest.
Tomorrow in our Investor Toolkit we look at how you can take money out of your RRSP—and make it stronger.
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A note of caution: they overbook your luggage and trying to find out status of baggage is amajor hassle. Better hold on to your stuff, it may be all over the network.
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A note of caution: they overbook your luggage and trying to find out status of baggage is amajor hassle. Better hold on to your stuff, it may be all over the network.