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Air Canada Reports Fourth Quarter 2023 Adjusted Net Loss of $44 Million or $0.12 per Diluted Share

Air Canada has reported a fourth quarter 2023 adjusted net loss of ($44) million or ($0.12) per share on an 11 percent increase in revenue to $5.2 billion.  For the full year, the carrier reported an adjusted net income of $1.7 billion or $4.56 per diluted share.


Air Canada Boeing 777-300ER - Courtesy Air Canada

On Friday (February 16, 2024), Air Canada reported their financial results for the fourth quarter and full year ending December 31, 2023.  The carrier reported an adjusted fourth quarter net loss of ($44) million or ($0.12) per diluted share on an 11 percent year-over-year increase in revenue to $5.2 billion.  For the full year, Air Canada reported and adjusted net profit of $1.7 billion or $4.56 per diluted share on a 32 percent increase in revenue versus 2022 to a record $21.8 billion. Air Canada’s fourth quarter revenue per available seat mile (RASM) increased 1.2 percent versus Q4 2022 to 21.2 cents, while cost per available seat mile (CASM) declined 0.9 percent to 20.9 cents.  Costs excluding fuel and other items (CASM-ex) increased 4.1 percent compared to the same period last year to 14.25 cents.  Air Canada’s full year RASM increased 10 percent to 22.1 cents, while the carrier’s full year CASM declined 2.6 percent to 19.8 cents, and CASM-ex increased 2.2 percent year-over-year to 13.49 cents.   


In Friday’s announcement, Air Canada’s President and Chief Executive Officer, Michael Rousseau, said,


“Air Canada produced very strong results for the fourth quarter and full year 2023, delivering on its key financial goals and strategic priorities. For the full year, we had record operating revenues of $21.8 billion, up 32 per cent from 2022 as demand for air travel remained strong. Annual operating income was $2.3 billion; a $2.5 billion improvement from the previous year. Our adjusted EBITDA was nearly $4 billion; more than twice that of full year 2022. These results stem from the effective management, hard work and customer centric approach of everyone at Air Canada. I thank the entire team for their dedication as we safely transported more than 46 million passengers in 2023. The focus on operational improvements was evident as, even with the growth in traffic and ongoing supply chain challenges, our key operational metrics and customer satisfaction improved year over year.

 


“We also took important steps during the year to enable ourselves to continue performing consistently as we remain firmly committed to our plan and to enhancing our level of customer service, improving our operational reliability, strategically adding to our key hubs and network and growing profitably. We strengthened our balance sheet, reduced our debt and, despite the continuing macroeconomic and structural cost pressures on our industry, our unit costs were contained within our adjusted CASM guidance. Additionally, we will continue to expand Aeroplan, a key driver of customer loyalty create long-term value for all stakeholders.”



Air Canada is Canada’s largest domestic and international airline.  The Canadian flag carrier is a founding member of the Star Alliance and holds a Four-Star ranking from Skytrax.  Air Canada provides scheduled passenger service to 180 airports in Canada, the United States, and internationally on six continents.  Through the carrier’s Aeroplan loyalty program, customers can earn and redeem points on the world’s largest airline partner network of 45 airlines.  Air Canada Cargo offers air freight lift and connectivity to hundreds of destinations across six continents with a dedicated fleet of 767-300 Freighters and passenger aircraft belly hold capacity.  Additionally, the airline has committed to a net zero emissions goal from all global operations by 2050.


 

Source: Air Canada/CNW     

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