MONTREAL –
Air Canada topped expectations as it posted a smaller loss in its latest quarter, a sign the airline’s underlying recovery remains intact despite the Omicron variant’s impact on holiday travel.
The company reported a fourth quarter net loss of $493 million or $1.38 per diluted share, compared with a net loss of $1.16 billion or $3.91 per diluted share a year before.
Air Canada’s operating revenues for the quarter ended Dec. 31 were $2.73 billion, more than triple the $827 million recorded in the same period of 2020.
Analysts polled by financial data firm Refinitiv expected Air Canada to record revenue of $2.43 billion and a $539 million loss.
Michael Rousseau, president and CEO of Air Canada, says the unpredictable course of COVID-19 made last year extremely challenging for the airline industry.
But he says robust advance ticket sales, which grew almost $400 million in the quarter, give the company confidence that passengers will return and that Omicron has deferred, not cancelled, travel.
This report by The Canadian Press was first published Feb. 18, 2022.
Companies in this story: (TSX:AC)
