WestJet Q3 profits surge to $119.4M — 2nd highest in airline's history

WestJet Airlines Ltd. says it earned $119.4 million in the third quarter, the second-highest level in the airline's history.

The Calgary-based airline says that equated to $1.02 per diluted share, compared with 61 cents per share or $70.1 million a year earlier.

Revenues increased 10.5 per cent to $1.39 billion, up from $1.26 billion in the prior year despite carrying fewer passengers.

The airline was expected to earn $91.4 million or 80 cents per share on $1.35 billion in revenues, according to financial markets data firm Refinitiv.

WestJet says it won't hold a conference call to discuss the quarterly results ahead of its planned $3.5-billion acquisition by Onex Corp., which is being contested by Air Canada over foreign ownership limits.

WestJet shareholders approved the proposed acquisition in July, with 92.5 per cent voting in favour. The same month, an Alberta court approved the deal, which Onex and WestJet expect to complete following further regulatory green lights later this year.