WestJet reports third quarter net earnings of $45.9 million

CALGARY, Oct. 30, 2018

"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."

Operating highlights (stated in Canadian dollars)

	Q3 2018	Q3 2017	Change
Net earnings (millions) ARIVA.DE Börsen-Geflüster Kurse Westjet Airlines Vtg Shs -   0,00%	$45.9	$135.9	(66.3%)
Diluted earnings per share	$0.40	$1.15	(65.2%)
Total revenue (millions)	$1,260.9	$1,214.6	3.8%
Operating margin	6.2%	16.3%	(10.1 pts)
ASMs (available seat miles) (billions)	8.880	8.077	9.9%
RPMs (revenue passenger miles) (billions)	7.516	6.922	8.6%
Load factor	84.6%	85.7%	(1.1 pts)
Segment guests	6,940,569	6,530,873	6.3%
Yield (revenue per revenue passenger mile) (cents)	16.78	17.55	(4.4%)
RASM (revenue per available seat mile) (cents)	14.20	15.04	(5.6%)
CASM (cost per available seat mile) (cents)	13.32	12.58	5.9%
Fuel costs per litre (cents)	85	62	37.1%
CASM, excluding fuel and employee profit share (cents)*	9.36	9.29	0.8%

Dividend declaration
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.

Caution regarding forward-looking information
Certain information set forth in this news release is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond WestJet's control. The forward-looking information contained in this news release is based on WestJet's current forecasts and strategy, the expected demand environment, the utilization of our fleet, the forward-curve for jet fuel price, the expected exchange rate of the Canadian dollar to the U.S. dollar, agreements and bookings, but may vary due to factors including, but not limited to, changes in guest demand, changes in fuel prices, delays in aircraft delivery, general economic conditions, competitive environment, ability to effectively implement and maintain critical systems and other factors and risks described in WestJet's public reports and filings which are available under WestJet's profile at sedar.com. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

Non-GAAP measures
This news release contains disclosure respecting non-GAAP performance measures including, without limitation, CASM, excluding fuel and employee profit share and return on invested capital. These measures are included to enhance the overall understanding of WestJet's current financial performance and to provide an alternative method for assessing WestJet's operating results in a manner that is focused on the performance of WestJet's ongoing operations, and to provide a more consistent basis for comparison between reporting periods. These measures are not calculated in accordance with, or an alternative to, GAAP and do not have standardized meanings. Therefore, they may not be comparable to similar measures provided by other entities. Readers are urged to review the section entitled "Reconciliation of non-GAAP and additional GAAP measures" in WestJet's management's discussion and analysis of financial results for the three and nine months ended September 30, 2018 which is available under WestJet's profile on SEDAR at sedar.com, for a further discussion of such non-GAAP measures and a reconciliation of such measures to GAAP. The financial information accompanying this news release was prepared in accordance with International Financial Reporting Standards unless otherwise noted.

Management's discussion and analysis of financial results and consolidated financial statements and notes for the three and nine months ended September 30, 2018, are available through the Internet in the Investor Relations section of westjet.com or under WestJet's SEDAR profile at sedar.com.

Analyst conference call
WestJet will hold its quarterly analysts' conference call today, October 30, 2018, at 8 a.m. MT (10 a.m. ET). President and CEO Ed Sims and Executive Vice-President, Finance and CFO Harry Taylor will discuss WestJet's third quarter results and answer questions from financial analysts. The conference call will be available in Toronto by calling 416-915-3239, in Vancouver by calling 604-638-5340 and across Canada and the United States through the toll-free telephone number 1-800-319-4610. The call can also be heard live through an Internet webcast accessible via the Investor Relations section of westjet.com.

About WestJet
Together with WestJet's regional airline, WestJet Encore, we offer scheduled service to more than 100 destinations in North America, Central America, the Caribbean and Europe and to more than 175 destinations in over 20 countries through our airline partnerships. WestJet Vacations offers affordable, flexible vacations to more than 60 destinations and the choice of more than 800 hotels, resorts, condos and villas. Members of the WestJet Rewards program earn WestJet dollars on flights, vacation packages and more. Members use WestJet dollars towards the purchase of flights and vacations packages to any WestJet destination with no blackout periods, and have access to Member Exclusive fares offering deals to WestJet destinations throughout our network and those of our partner airlines.

WestJet is proud to be recognized as Best Airline in Canada and Travellers' Choice winner – North America for 2017 and 2018 in the TripAdvisor Travellers' Choice awards for Airlines. The airline was also named the Travellers' Choice Winner – Economy, North America, 2018. All awards are based on authentic reviews from the travelling public on TripAdvisor, the world's largest travel site. We are one of very few airlines globally that does not commercially overbook.

WestJet is publicly traded on the Toronto Stock Exchange (TSX) under the symbol WJA.

For more information about everything WestJet, please visit westjet.com.  

Recent recognition includes:
2018/2017 Best Airline in Canada and Travellers' Choice Winner Mid-Sized and Low Cost Airlines – North America(TripAdvisor Travellers' Choice awards for Airlines)
2018 Travellers' Choice Winner – Economy, North America (TripAdvisor Travellers' Choice awards for Airlines)
2017/2016 Canada's Most Trusted Airline (Gustavson School of Business at the University of Victoria)
2016 Canada's most reputable company for Corporate Social Responsibility (Reputation Institute)
2016/2015/2014/2013/2012 Ranked top three for Canadian Brands (Canadian Business Magazine)
2016/2015/2014/2013 WestJet RBC World Elite MasterCard ranked #1 in Canada (MoneySense magazine)

Connect with WestJet on Facebook at facebook.com/westjet
Follow WestJet on Twitter at twitter.com/westjet
Subscribe to WestJet on YouTube at youtube.com/westjet
Follow WestJet on Instagram instagram.com/westjet
Read the WestJet blog at blog.westjet.com

Condensed Consolidated Interim Statement of Earnings
(Stated in thousands of Canadian dollars, except per share amounts)
(Unaudited)
	Three months ended September 30		Nine months ended September 30
	2018	2017(i)	2018	2017(i)
Revenue:
Guest	1,215,223	1,157,793	3,363,847	3,192,381
Other	45,679	56,831	176,352	195,195
	1,260,902	1,214,624	3,540,199	3,387,576
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