Air Canada reports $1.25B Q3 profit, operating revenue up 19% from year ago
By The Canadian Press on October 30, 2023.
MONTREAL – Air Canada reported a profit of $1.25 billion in its latest quarter compared with a loss of $508 million in the same quarter last year. The airline says the profit amounted to $3.08 per diluted share for the quarter ended Sept. 30 compared with a loss of $1.42 per diluted share a year earlier. Operating revenue totalled $6.34 billion in the company’s third quarter, up from $5.32 billion in the same quarter last year, boosted by higher passenger revenues. On an adjusted basis, Air Canada says it earned $3.41 per diluted share in its latest quarter compared with an adjusted profit of $1.07 per diluted share in the same quarter last year. Analysts on average had expected an adjusted profit of $2.15 per share for the quarter, according to estimates compiled by financial markets data firm Refinitiv. In its outlook, Air Canada says its adjusted cost per available seat mile for 2023 is expected to be about 1.5 per cent to 2.25 per cent above 2022 levels compared with earlier expectations for its adjusted CASM to rise 0.5 per cent to 1.5 per cent. This report by The Canadian Press was first published Oct. 30, 2023. Companies in this story: (TSX:AC) 9-8
