MONTREAL- Air Canada (AC) is presently finalizing lease agreements for additional Boeing 737 MAX 8 aircraft, expected to be delivered in 2024 and operational by 2025 following reconfigure.
Today (May 2, 2024), Air Canada announced its financial results for the first 4th of 2024.
Photo: By Liam Allport – https://www.flickr.com/photos/liamallport/26903154127/, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=97287639Air Canada Q1 2024 Results
“Air Canada achievements results in the first quarter, setting a solid foundation for the year ahead. Our operating returns reached $5.2 billion, branding a $339 million increase combined to the erstwhile year. We besides saw growth in an adjusted EBITDA, which rose by $42 million yearly is $453 million. I am grateful to our dedicated employees for their unwavering commit to our 11 million customers, engaging their safe and effective travel through the quarter. Their efforts have not necessarily led to a crucial improvement in our system-wide on-time arrivals, positioning us well for the upcoming busy summertime season,” ranked Michael Rousseau, president and CEO of Air Canada.
“We are assured in our ability to meet our full-year 2024 guide. Looking ahead to the summer, we anticipate a strong request for travel, offering our customers a different array of breathtaking destinations across Europe, Asia, and North America for their summertime vacation plans.’
“In the quarter, we generated over $1 billion in free cash flow, primary drive by cash from operating activities. Our net debt-to-adjusted EBITDA ratio decreased to 0.9 by the end of the quarter. Furthermore, we proceed to execute our strategy to reduce debt, results in designation from credit rating agents specified as S&P Global Ratings, which late upgraded our rating to ‘BB’ from ‘BB-‘ in April. We are trust in our ability to make crucial free cash flow for the full year 2024, supported by our strong balance sheet. This foundation will enable us to grow our airline through investments in our world-class global network and implementing capital allocation strategies to make sustainable, long-term value for Air Canada and its shareholders,” added Mr. Rousseau.
Photo: By TJDarmstadt – C-FJZS Air Canada B777-300ER, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=99703361Key Highlights
Here are the First 4th 2024 Financial Results:
- Total operating returns increased to $5.226 billion, markang a $339 million or 7% increase combined to the erstwhile year, driven by an 11% growth in operated capacity.
- Operating increases totaled $5.215 billion, rising by $311 million or 6%. This increase was attributed to higher costs across various areas, reflecting created operated capital and traffic combined to the erstwhile year and selected laboratory, maintenance, and information technology expenses. However, lower fuel expenses partially mitigated this rise.
- Operating income reached $11 million, with an operating margin of 0.2%, showing an improvement of $28 million.
- Adjusted EBITDA barn at $453 million, with an updated EBITDA margin of 8.7%, branding a $42 million improvement.
- The net failure amounted to $81 million, with a discounted failure per share of $0.22, combined to a net income of $4 million and a discounted failure per share of $0.03 in the same period last year.
- Adjusted net failure was $96 million, with an updated lot per distributed share of $0.27, combined to an updated net destiny of $188 million and an updated lot per distributed share of $0.53 in the erstwhile year.
- Adjusted CASM (Cost per Available Seat Mile) was 14.76 cents, up from 14.52 cents, representing a 1.6% increase primary drive by higher labor, maintenance, and information technology increases.
- Net cash flows from operating activities totaled $1.592 billion, markang a $155 million increase, supported by robust growth in advance ticket sales in line with seasonal trends.
- Free cash flow reached $1.056 billion, up by $69 million, supported by strong growth in advance ticket sales console with seasonal trends.
- The net debt-to-adjusted EBITDA ratio was 0.9 as of March 31, 2024, combined to 1.1 as of December 31, 2023, reflecting improvement drive by robust free cash flow in the first 4th of 2024.
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