Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
Air Canada reports $2.04B Q3 profit, operating revenue down from year ago
MONTREAL — Air Canada reported a third-quarter profit of $2.04 billion, up from $1.25 billion in the same quarter last year, as its operating revenue edged slower.
The airline says its profit amounted to $5.38 per diluted share for the quarter ended Sept. 30, up from $3.08 per diluted share a year earlier.
Operating revenue for the quarter totalled $6.11 billion, down from $6.34 billion in the same quarter last year.
On an adjusted basis, Air Canada says it earned $2.57 per diluted share, down from an adjusted profit of $3.41 per diluted share a year earlier.
In its outlook, the airline says it now expects its capacity measured by available seat miles for 2024 to be up about five per cent from 2023 compared with earlier expectations for growth of 5.5 to 6.5 per cent.
It also says it now expects its adjusted cost per available seat mile to be up about two per cent from 2023, compared with earlier expectations for growth of 2.5 to 3.5 per cent. Air Canada's adjusted earnings before interest, taxes, depreciation and amortization for 2024 is expected to total about $3.5 billion, up from earlier guidance for between $3.1 billion and $3.4 billion.
This report by The Canadian Press was first published Nov. 1, 2024.
Companies in this story: (TSX:AC)
