Air Canada (AC.TO) Friday reported higher operating revenue and load factor for the fourth quarter compared to the same period last year. However, on an adjusted basis, the company reported wider-than-expected loss.
Further, the company provided its outlook for fiscal 2024.
Quarterly earnings increased to C$184 million or C$0.41 per share from C$168 million or C$0.41 per share in the last year.
Excluding items, loss was C$44 million or C$0.12 per share compared with C$168 million or C$0.61 per share in the previous year.
On average, nine analysts polled by Thomson Reuters expect loss of C$0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues grew 11 percent to C$5.175 billion from C$4.68 billion in the prior year, on an operated capacity growth of over 9 per cent year over year.
Revenue passenger miles or RPM climbed 10 percent to C$20.40 billion from C$18.52 billion in the previous year.
Available seat miles or ASM were up 9.3 percent at C$24.43 billion compared to C$22.37 billion in the last year.
Passenger load factor increased slightly by 0.7pp to 83.5 percent capacity from 82.8 percent capacity in the prior year.
Passenger revenue per RPM rose to C$22.3 cents from C$21.9 cents in the last year.
Looking ahead to the next quarter, Air Canada plans to increase its ASM capacity by about 10 per cent from the same quarter, last year.
Looking forward to the full year, the company expects ASM capacity to be 6 percent to 8 percent and Adjusted CASM to increase by 2.5 percent to 4.5 percent from 2023 with Adjusted EBITDA ranging from $3.7 billion to $4.2 billion.
On Thursday, Air Canada shares closed at C$19.26, up 1.48% in Toronto.
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