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

Air Canada reported its first-quarter income almost doubled in contrast with a yr in the past, boosted by robust demand.

Air Canada chief government Michael Rousseau says the monetary outcomes exceeded each inner and exterior expectations and that the airline expects demand to persist, supported by robust advance bookings for the rest of the yr.

The airline reported web revenue of $4 million for the quarter ended March 31, up from a lack of $974 million in the identical quarter final yr.

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

On an adjusted foundation, Air Canada says it misplaced 53 cents per diluted share in its newest quarter in contrast with an adjusted lack of $2.09 per diluted share a yr earlier.

The common analyst estimate had been for an adjusted lack of 74 cents per share and $4.35 billion in income, in line with estimates compiled by monetary markets information agency Refinitiv.

– This report by The Canadian Press was first revealed on May 12, 2023