The operating income of Air Canada has risen by over $700m as detailed in their third-quarter financial results released today.
Revenues have increased considerably, with the airline accepting how strongly they have performed within this.
Without further ado, let’s get into it…
Air Canada Operating Income Rises By Over $700m…
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Operating income for Air Canada increased by $771m to $1.415bn with an Adjusted EBITDA of $1.830bn.
Revenue shot up 19% to a total of $6.344bn, with adjusted net income recorded at $1.281bn, an improvement of $850m.
Michael Rousseau, the President & CEO of Air Canada has commented on the results saying:
“Air Canada performed strongly in the third quarter, generating solid operating revenues of more than $6.3 billion, a 19 per cent increase over the same period last year.”
“Our focus on growing our international network, building scale at our hubs and leveraging our solid partnerships is delivering strong results.”
“Our operating income reached $1.4 billion, more than double from a year ago, and adjusted EBITDA grew by $773 million to $1.83 billion, representing an adjusted EBITDA margin of nearly 29 per cent.”
“I thank our employees and management team for their hard work in safely transporting 12.6 million customers during the busy and demanding summer season.”
“We managed costs prudently, with operating expenses rising 5 per cent, on a 10 per cent increase in capacity.”
“We have continued to pay down debt in the quarter, lowering our leverage ratio to 1.4 from 5.1 at the end of last year, while also maintaining a healthy level of liquidity, which stood at nearly $10 billion at the quarter’s end,”
All eyes will be on Air Canada to see what the fourth quarter results will look like, as well as whether they will see a continuation of strong profit.
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