WestJet reported record fourth quarter and full-year 2007 results. The airline’s quarterly net earnings increased to $75.4 million from $26.7 million in the same period last year. These results included a one-time favourable adjustment of $33.7 million due to corporate income tax rate reductions enacted by the federal government in the quarter. Excluding the one-time adjustment, fourth quarter net earnings were a record $41.7 million, an increase of 56.3% when compared to the previous year.
For the full-year 2007, net earnings were $192.8 million, a 68.2% increase compared to $114.7 million in 2006. Excluding the favourable tax adjustment and the second quarter aiRES adjustment, 2007 net earnings were a record $181.3 million, an increase of 58.1% from 2006.
