Air Canada Reports Lower Fourth Quarter Loss and Strong Advance Ticket Sales
MONTREAL — Air Canada beat expectations with a smaller loss in its latest quarter, a sign that the airline’s underlying recovery remains intact despite the impact of the Omicron variant on vacation travel.
MONTREAL — Air Canada beat expectations with a smaller loss in its latest quarter, a sign that the airline’s underlying recovery remains intact despite the impact of the Omicron variant on holiday travel.
The company posted a net loss of $493 million or $1.38 per diluted share in the fourth quarter, compared to a net loss of $1.16 billion or $3.91 per diluted share a year earlier.
Air Canada’s operating revenue for the quarter ended Dec. 31 was $2.73 billion, more than triple the $827 million recorded in the same period of 2020.
Analysts polled by financial data firm Refinitiv had expected Air Canada to post revenue of $2.43 billion and a loss of $539 million.
Michael Rousseau, President and CEO of Air Canada, says the unpredictable evolution of COVID-19 has made the past year extremely difficult for the airline industry.
But he says strong advance ticket sales, which grew by nearly $400 million in the quarter, give the company confidence that passengers will return and Omicron has postponed, not cancelled, trips.
This report from The Canadian Press was first published on February 18, 2022.
Companies in this story: (TSX:AC)
The Canadian Press