{"id":47854,"date":"2023-08-13T05:46:37","date_gmt":"2023-08-13T09:46:37","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/air-canada-beats-quarterly-profit-estimates-flags-strong-demand\/"},"modified":"2023-08-13T05:46:40","modified_gmt":"2023-08-13T09:46:40","slug":"air-canada-beats-quarterly-profit-estimates-flags-strong-demand","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47854","title":{"rendered":"Air Canada beats quarterly profit estimates, flags strong demand"},"content":{"rendered":"
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\u00a9 Reuters. An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. REUTERS\/Carlos Osorio<\/span>
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(Reuters) -Air Canada reported a better-than-expected quarterly profit on Friday compared with a year-ago loss and sees solid passenger bookings into early 2024 as the country’s largest airline cashes in on strong international travel demand.<\/p>\n

A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand.<\/p>\n

But North American carriers face pressure from higher labor costs, with pilots at U.S. legacy carriers nabbing steep pay increases in new contracts or tentative agreements. <\/p>\n

Air Canada pilots anticipate sitting down for labor talks with the carrier in the next couple of weeks, a union official said. Their contract expires at the end of September.<\/p>\n

Charlene Hudy, chair of the Air Canada Pilots Association (ACPA), said some of the Canadian airline’s pilots earn up to 300% less than their U.S. counterparts, depending on categories like seniority and type of aircraft. <\/p>\n

“We have to be in the same ballpark as our American colleagues,” Hudy said in an interview.<\/p>\n

Air Canada raised the lower end of its earlier 2023 guidance of C$3.5 billion to C$4 billion for earnings before interest, taxes, depreciation and amortization (EBITDA) to C$3.75 billion. <\/p>\n

Chief Executive Mike Rousseau said advanced passenger bookings remain solid for the balance of 2023 and into the first quarter of 2024.<\/p>\n

Montreal-based Air Canada said it expects to grow available seat mile capacity for 2023 by 21% compared with a year earlier.<\/p>\n

The carrier wants to fly more American passengers on non-direct international routes through stops at its Canadian hubs. So-called sixth freedom revenues, generated from carrying passengers from a second country to a third via a stop in a local hub, were the strongest in the second quarter that Air Canada has ever achieved, the carrier said. <\/p>\n

For the quarter ended June 30, Air Canada reported adjusted net income of C$664 million ($493.97 million), or C$1.85 per diluted share. Analysts on average had expected adjusted net income of C$289.8 million or 68 Canadian cents a share according to data from Refinitiv.<\/p>\n

For 2023, the carrier is now expecting costs per available seat mile (CASM) of about 0.5% to 1.5% above 2022 levels. In May, Air Canada said it expected CASM of about 0.5% to 2.5% below 2022 levels.<\/p>\n

($1 = 1.3442 Canadian dollars)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. REUTERS\/Carlos Osorio (Reuters) -Air Canada reported a better-than-expected quarterly profit on Friday compared with a year-ago loss and sees solid passenger bookings into early 2024 as the country’s largest airline cashes in on […]<\/p>\n","protected":false},"author":1,"featured_media":47855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-47854","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAir Canada beats quarterly profit estimates, flags strong demand | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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