Air Canada's stock traded more than 10 per cent higher after it announced a share buyback program, an earnings beat and a higher earnings outlook.
"I am proud that we concluded a mutually beneficial agreement without significant disruption to customers and with a contained revenue impact," he said on an earnings call Friday. Profits were also impacted by competitive market pressure, along with lower demand to France because of the Olympics, but Galardo said overall the airline saw sustained strong international demand in the quarter.
The adjusted profit was well above the $1.58 per diluted share expected by analysts, according to LSEG Data & Analytics.The airline has also slightly boosted its earnings expectations for 2024, with adjusted earnings before interest, taxes, depreciation and amortization expected to total about $3.5 billion, up from earlier guidance for between $3.1 billion and $3.4 billion.
In its outlook, the airline said it now expects its capacity measured by available seat miles for 2024 to be up about five per cent from 2023 compared with earlier expectations for growth of 5.5 to 6.5 per cent.
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Competition Bureau gets court orders against Air Canada, WestJet for market infoFILE PHOTO: An Air Canada plane taxis at Pearson International Airport in Toronto, Ontario, Canada May 16, 2022.
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