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Air Canada Reports Second Quarter 2023 Net Profit of $838 Million or $2.34 per Diluted Share

Air Canada has reported a second quarter 2023 net income of $838 Million or $2.34 per diluted share on a year-over-year increase in revenue of 36 percent to $5.43 billion. At June 30, 2023, the carrier had total liquidity of $10.55 billion.

Air Canada Boeing 737-8 MAX - Courtesy Air Cabada

On Friday (August 11, 2023), Air Canada reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net profit of $838 million or $2.34 per diluted share on a year-over-year increase in revenue of 36 percent to $5.43 billion. Air Canada’s second quarter total revenue per available seat mile (TRASM) increased 12.7 percent versus the same period last year to 22.1 cents, which cost per available seat mile (CASM) declined 9.7 percent to 18.8 cents, driven primarily by lower fuel costs. At June 30 2023, Air Canada had total liquidity of $10.55 billion and total net debt of $5.33 billion, down from $7.5 billion at December 31, 2022.

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

“Air Canada's second quarter results were driven by strong demand and show the effectiveness of our plan. As a result of the hard work of our people, the appeal of our growing global network, as well as our leading brand and product offering, operating revenues in the quarter reached $5.4 billion, an increase of 36 per cent from a year ago. Operating income was $802 million, a year-over-year improvement of over $1 billion, and our adjusted EBITDA reached $1.2 billion with an adjusted EBITDA margin of 22.5 per cent.

“I thank the entire team for its continued dedication to serving our customers, including collaborating with our partners, who also share the responsibility of ensuring a smooth customer journey. We safely carried over 11 million customers across our global network in the quarter, a year-over-year increase of about 23 per cent. However, despite having more trained resources than last summer and improved tools, our operations in June and July were not at expected levels. We are increasing our efforts to protect the customer journey from disruption, regardless of the cause. This includes using any influence we have, in such instances as pilot attrition at our principal regional partner or global supply chain issues, or working to mitigate the effects of situations beyond our control, such as disruptive storm activity in our key hubs and markets. We are confident that our efforts will generate positive outcomes.

“We are particularly pleased with our international performance, propelling nearly 70 per cent of the year-over-year increase in passenger revenues. Air Canada Vacations continued to see high demand for leisure travel packages, and Aeroplan added compelling new partners and grew its membership. Our cargo business, like others in the industry, experienced lower demand and yields than expected. Based on current passenger booking patterns, we see prevailing strength in travel demand over the second half of 2023, giving us confidence to increase the lower end of our adjusted EBITDA guidance range. We continue to focus intently on cost discipline and liquidity management. We ended the quarter with more than $9.6 billion in cash, cash equivalents and investments. This will enable us to further invest in our business, deleverage our balance sheet and ensure our company maintains the resiliency and adaptability needed for long-term success and to navigate through evolving market conditions.”

Air Canada's Second Quarter 2023 Financial Results - Courtesy Air Canada

Air Canada is Canada’s largest domestic and international airline. The Canadian flag carrier is a founding member of the Star Alliance and the only international network carrier in North America to receive 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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