Air Canada shares gain more than 20 per cent after updating outlook

MONTREAL – Shares of Air Canada surged more than 20 per cent Friday after the company said its results for the first quarter will be better than it expected.

The airline says its first-quarter earnings before interest, taxes, depreciation, amoritization and rent will be about the same as a year ago.

Air Canada had earlier expected a $15 million to $30 million shortfall compared with the first quarter of last year.

The airline says this quarter’s results are due to higher revenue and lower than expected costs.

Air Canada shares were up $1.18 at $6.94 in trading on the Toronto Stock Exchange.

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