Transat ends year on strong note as Q4 profit surges to $148.1 million

MONTREAL — Transat A.T. beat expectations as the travel company’s fourth quarter net income surged to $148.1 million due to a strong transatlantic summer season and proceeds from selling its stake in a hotel joint venture.

The Montreal-based company earned $4 per share, up from 95 cents or $34.9 million a year ago.

Revenues for the three months ended Oct. 31 grew 14.1 per cent to $698.6 million, helped by an 8.7 per cent increase in the number of transatlantic customers.

Excluding one-time items, Transat (TSX:TRZ) says its adjusted profits doubled to $46.4 million or $1.24 per share. That compared to $24.2 million or 66 cents per share in the fourth quarter of 2016.

Transat was expected to earn $1.11 in adjusted profits on $662.6 million in revenues, according to analysts polled by Thomson Reuters.

For the full year, Transat’s net earnings attributable to shareholders was $134.3 million on $3 billion of revenues, which compared with a $41.7 million loss on $3.89 billion of revenue last year

Adjusted profits were $29.1 million compared to a year-ago loss of $15.5 million.

The Canadian Press

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