Air Canada adjusted earnings soar above estimate, revenue up in each segment
Aside from setbacks related to the Boeing 737 MAX aircraft, Air Canada says it experienced revenue growth in each of its market segments and managed costs well
MONTREAL – Air Canada says it had a $343 million net profit in the second quarter, a turnaround from the loss of $102 million that the airline experienced during the comparable period last year.
The profit for the three months ended June 30 amounted to $1.26 per diluted share, compared with a loss of 37 cents in last year’s second quarter.
Adjusted earnings per diluted share was 88 cents, up from 47 cents a year earlier and above analyst estimates.
Analysts had estimated 76 cents per share of adjusted earnings and $4.71 billion of revenue, according to financial markets data firm Refinitiv.
Second-quarter revenue for the Montreal-based airline was $4.76 billion, up $424 million from the same time last year.
Air Canada says it experienced revenue growth in each of its market segments and managed costs well despite the need to find replacements for Boeing 737 MAX aircraft that were grounded globally following two major crashes.