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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  WestJet Airlines Ltd.    WJA   CA9604105044

WESTJET AIRLINES LTD. (WJA)
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WestJet Airlines : shares fall on forecast cut, CEO exit

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03/08/2018 | 04:51pm CEST
WestJet CEO Saretsky walks on stage at their annual general meeting for shareholders in Toronto

(Reuters) - WestJet Airlines Ltd (>> WestJet Airlines Ltd.) cut its forecast for a revenue metric on Thursday and said Chief Executive Officer Gregg Saretsky was retiring, sending its shares down as much as 6.3 percent on Thursday.

(Reuters) - WestJet Airlines Ltd cut its forecast for a revenue metric on Thursday and said Chief Executive Officer Gregg Saretsky was retiring, sending its shares down as much as 6.3 percent on Thursday.

Canada's second-largest carrier appointed Ed Sims as its new chief executive. An aviation industry veteran, Sims joined WestJet in May 2017 after serving as CEO of Airways, an air navigation service provider in New Zealand.

Saretsky was at WestJet's helm for eight years during which WestJet's stock rose 64 percent as he introduced regional airline WestJet Encore and some popular rewards programs.

However, WestJet has run into issues ahead of the launch of its ultra-low-cost-carrier (ULCC) Swoop after Canada's Air Line Pilots Association said the company was trying to bypass the union by luring its own pilots to fly for Swoop under different working conditions.

"The change in leadership continues to add to our concern around future execution of ULCC and widebody strategy," equity research firm Alta Corp analysts wrote in a note.

"We wonder if the relationship with the employee group could be a cause for the retirement of Mr. Saretsky."

WestJet said on Thursday it expects revenue per available seat mile (RASM) to increase by 2.5-3.5 percent for the current quarter, down from its previous forecast of 4.5-5.5 percent, due to harsh weather conditions.

WestJet's shares were down 4.8 percent on the Toronto Stock Exchange.

(Reporting by Karan Nagarkatti in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)

By Karan Nagarkatti

Stocks treated in this article : WestJet Airlines Ltd., Air Canada
Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA 2.42% 28.33 Delayed Quote.9.47%
WESTJET AIRLINES LTD. 1.70% 20.34 Delayed Quote.-22.84%
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Financials (CAD)
Sales 2018 4 758 M
EBIT 2018 148 M
Net income 2018 83,4 M
Debt 2018 1 872 M
Yield 2018 2,87%
P/E ratio 2018 25,99
P/E ratio 2019 12,29
EV / Sales 2018 0,88x
EV / Sales 2019 0,82x
Capitalization 2 318 M
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Technical analysis trends WESTJET AIRLINES LTD.
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Mean consensus HOLD
Number of Analysts 17
Average target price 18,6  CAD
Spread / Average Target -8,7%
EPS Revisions
Managers
NameTitle
Ed Sims President, Chief Executive Officer & Director
Clive J. Beddoe Chairman
Harry Taylor Chief Financial Officer & Executive VP-Finance
Craig Maccubbin Chief Information Officer & Executive VP
Stuart McDonald Chief Technology Officer & Vice President
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INTERNATIONAL CONSOLIDATED AIRLINES GROUP6.73%17 974
AIR CHINA LTD.-32.47%15 237