Highlights of Air Canada’s first quarter 2024 financial results include higher operating revenues, EDITDA and free cash flow, along with a significant boost in on-time arrivals.
"Air Canada's solid first quarter results position our airline for a strong performance in 2024,” said president and CEO Michael Rousseau.
“We had operating revenues of $5.2 billion in the quarter, up $339 million from last year. Adjusted EBITDA grew by $42 million year over year to $453 million. I thank our employees for their hard work taking care of our 11 million customers and transporting them safely throughout the quarter. I also commend them for improving our operations, notably a 13 percentage-point increase in system-wide, on-time arrivals, preparing us for an anticipated busy summer period."
Rousseau says the airline is confident in its ability to deliver on full-year 2024 guidance, citing a continued healthy demand environment.
“For the full year 2024, we remain certain of our ability to generate significant free cash flow. Our strong balance sheet will serve as the foundation on which we will grow our airline through investments in our world-class global network and the deployment of capital allocation strategies that will create sustainable, long-term value, for all of Air Canada and its shareholders," Rousseau said.
Highlights of Air Canada’s First Quarter 2024 Financial Results
· Operating revenues of $5.226 billion increased $339 million or 7% on an operated capacity growth of 11% year over year.
· Operating expenses of $5.215 billion increased $311 million or 6%.
· Operating income of $11 million, with an operating margin of 0.2%, improved $28 million.
· Adjusted EBITDA of $453 million, with an adjusted EBITDA margin of 8.7%, improved $42 million.
· Net loss of $81 million and diluted loss per share of $0.22 compared to net income of $4 million and diluted loss per share of $0.03.
· Adjusted net loss of $96 million and adjusted loss per diluted share of $0.27 compared to adjusted net loss of $188 million and adjusted loss per diluted share of $0.53.
· Net cash flows from operating activities of $1.592 billion increased $155 million, with continued strong growth in advance ticket sales consistent with seasonal trends.
· Free cash flow of $1.056 billion increased $69 million with continued strong growth in advance ticket sales consistent with seasonal trends.
More Planes On The Way
Air Canada says it is in the process of arranging lease agreements for some additional Boeing 737 MAX 8 aircraft that would be scheduled for delivery in 2024 and enter service in 2025, upon completion of reconfiguration.
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