Air Canada has reported a second quarter net profit of $410 million or $1.04 per diluted share on a year-over-year increase in revenue of 2.0 percent to $5.5 billion. At June 30, 2024, Air Canada had $10.2 billion in liquidity.
On Wednesday (August 7, 2024), Air Canada announced their second quarter 2024 financial results for the period ending June 30, 2024. The carrier reported a second quarter net profit of $410 million or $1.04 per diluted share on a 2.0 percent year-over-year increase in revenue to $5.5 billion. Air Canada’s Q2 total revenue per available seat mile (TRASM) declined versus the same period last year by 4.5 percent to 21.1 cents, while cost per available seat mile (CASM) increase 2.6 percent to 19.3 cents. Adjusted costs, excluding fuel and other expenses, (CASM-ex) increased 1.7 percent versus Q2 2024 to 13.5 cents. At June 30, 2024, Air Canada had liquidity totaling $10.2 billion, including approximately $8.7 billion in cash, cash equivalents, short and long-term investments, and $1.3 billion available in undrawn credit facilities.
In Wednesday’s announcement, Air Canada’s President and Chief executive Officer, Michael Rousseau, said,
“Air Canada today reported second quarter operating revenues of more than $5.5 billion and adjusted EBITDA of $914 million. We saw healthy demand, with load factors remaining above historical averages. We remained sharply focused on our customers and operations throughout the quarter and experienced a 10-percentage point year-over-year improvement in our on-time performance, even with the increased flying. I thank our employees for their hard work in safely transporting 11.6 million customers in the quarter and I am pleased to see their efforts recognized as we were ranked the best airline in Canada and received five honours at the Skytrax 2024 World Airline Awards, the most of any Canadian carrier.
“When compared to the second quarter of 2023, we increased our capacity 6.5 per cent in the period. Our adjusted unit cost was well contained, increasing 1.7 per cent. This was supported through rigorous cost discipline, which is always a top priority for us. We will continue to adapt to market conditions, manage capacity proactively and contain costs through productivity and other initiatives.
We further diversified our network, including with services to Singapore, Stockholm and India, and enhanced our operational flexibility by securing an additional eight Boeing 737-8 aircraft, set to enter service next year. These actions reaffirm our dedication to our customers, whom I thank for their continued loyalty. We are proud of our role as Canada's leading global airline, connecting Canada to the world.”
Air Canada is Canada’s largest domestic and international airline. The Canadian flag carrier is a founding member of the Star Alliance and holds a Four-Star ranking from Skytrax. Air Canada provides scheduled passenger service to 180 airports in Canada, the United States, and internationally on six continents. Through the carrier’s Aeroplan loyalty program, customers can earn and redeem points on the world’s largest airline partner network of 45 airlines. Air Canada Cargo offers air freight lift and connectivity to hundreds of destinations across six continents with a dedicated fleet of 767-300 Freighters and passenger aircraft belly hold capacity. Additionally, the airline has committed to a net zero emissions goal from all global operations by 2050.
Source: Air Canada
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