Air Canada Reports $640M Quarterly Loss and Q3 Revenue Beat
Nov 2, 2021 By MarketDepth
Air Canada (OTCMKTS: ACDVF) reported a USD640 Million loss in its latest quarter, meanwhile also highlighting better-than-expected quarterly revenue as travel demand continuosly rises. Canada recently opened its borders for vaccinated travelers, which partly incentivized an influx of bookings for the country’s largest carrier.
“Since the start of the year we have recalled more than 10,000 employees. We have expanded services to the U.S., and have launched new routes, such as to Cairo. We also announced expansions of our services to India and South America as well as the return next summer of popular seasonal destinations such as Barcelona, Venice, Nice and Reykjavik. To support our network restoration, we have reversed our decision to cancel two Airbus A220 aircraft orders and are now accelerating deliveries of new Boeing 737 MAX aircraft.”
Air Canada CEO, Michael Rousseau said in a statement
The airlines reported a loss of USD1.79 per share for the quarter ended September 30, compared to last year’s loss of USD2.31 per share. However, revenue amounted to USD2.10 Billion, triple the amount of the previous year’s USD757 Million.
“We are encouraged by the favourable revenue and traffic trends in the third quarter, with strong increases in key passenger geographic segments, a record cargo performance and significant improvements in both Air Canada Vacations and Aeroplan.”
Air Canada CEO, Michael Rousseau
“The combination of these factors, along with effective cost controls, resulted in net cash flow of $153 million for the quarter, materially better than expected and as compared to the third quarter of 2020.”
