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Air Canada reports Q1 revenue nearly doubled compared with a year ago

MONTREAL — Air Canada reported its first-quarter revenue nearly doubled compared with a year ago, boosted by strong demand.

Air Canada chief executive Michael Rousseau says the financial results exceeded both internal and external expectations and that the airline expects demand to persist, supported by strong advance bookings for the remainder of the year.

The airline reported net income of $4 million for the quarter ended March 31, up from a loss of $974 million in the same quarter last year.

Revenue totalled $4.89 billion, up from $2.57 billion in the first three months of 2022.

On an adjusted basis, Air Canada says it lost 53 cents per diluted share in its latest quarter compared with an adjusted loss of $2.09 per diluted share a year earlier.

The average analyst estimate had been for an adjusted loss of 74 cents per share and $4.35 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

News from © Canadian Press Enterprises Inc., 2021