WestJet (TSX: WJA) today announced its third quarter results for 2018, with net earnings of $45.9 million, or $0.40 per fully diluted share. This result compares with net earnings of $135.9 million, or $1.15 per fully diluted share reported in the third quarter of 2017. Year-to-date, WestJet recorded net earnings of $62.3 million, or $0.54 per fully diluted share.
"We are pleased to return to profitability in the third quarter," Ed Sims, WestJet President and CEO. "We have achieved this result despite continued downward pressure from the dramatic increases in fuel price and competitive capacity, along with the lingering impact of the threat of industrial action. We now look forward to the delivery of our first Boeing 787-9 Dreamliner in late January, and starting direct services in Spring 2019 from Calgary to London (Gatwick), Paris, and Dublin. I would like to thank every WestJetter for their focus on delivering award-winning service to our guests."
On October 29, 2018, WestJet's Board of Directors declared a cash dividend of $0.14 per common voting share and variable voting share for the fourth quarter of 2018, to be paid on December 28, 2018, to shareholders of record on December 12, 2018. All dividends paid by WestJet are, pursuant to subsection 89(14) of the Income Tax Act, designated as eligible dividends, unless indicated otherwise. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit.