Air Canada reports second quarter 2024 results
Air Canada has reported its second quarter 2024 financial results, with highlights including:
- Second quarter operating revenues of $5.5 billion, increased two per cent year over year
- Operating income of $466 million, decreased $336 million year over year
- Adjusted EBITDA* of $914 million, decreased $306 million year over year
- Leverage ratio* of 1.0 as at June 30, 2024, compared to 1.1 at end of 2023
“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,” said Michael Rousseau, president and chief executive officer of Air Canada. “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.”
Rousseau continued: “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.”
He also pointed out that: “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.”
And Rousseau added: “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.”
