Air Canada adjusted earnings improve, net income gets foreign currency boost

CP20697718
An Air Canada aircraft is unloaded at the Halifax Stanfield International Airport in Enfield, N.S. on March 7, 2012. THE CANADIAN PRESS/Andrew Vaughan

MONTREAL – Air Canada’s profit was stronger than expected in the third quarter, thanks to a number of factors that turned in the airline’s favour.

The Montreal-based company (TSX:AC.B) had $429 million of net income in the third quarter or $1.54 per diluted share.

That compared with a net loss of $124 million or 45 cents per diluted share for the same period last year.

Air Canada’s adjusted net income was 82 cents per share, up from 68 cents per share in the third quarter of 2011.

Analysts had been looking for 70 cents per share of adjusted earnings, according to Thomson Reuters estimates.

Air Canada’s profit benefited from favourable foreign exchange gains, higher passenger revenue and lower operating expenses.

News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms.

Related Articles