Air Canada on Friday raised its annual core profit forecast and announced share buybacks, as the country's largest carrier benefits from strong demand for international travel.
Major North American carriers with international operations are cashing in on booming demand for overseas travel and improved business bookings.
Air Canada is increasing its flights to China, while also adding capacity to other Asia-Pacific routes, even as it saw some pressure on transatlantic travel, the airline said.
Mark Galardo, Air Canada's executive vice-president for revenue and network planning, said the carrier is seeing early indications that transatlantic business will bounce back in 2025.
The Montreal-based carrier reported quarterly earnings ahead of analysts' expectations for revenues and adjusted profits, despite seeing weeks of softer booking volumes due to labour uncertainty as its pilots negotiated a new contract.
Last month, Air Canada signed a new labour deal with its pilots, which would give the aviators a general four-year cumulative pay hike of about 42 per cent, generating about $1.9 billion in additional value.
Air Canada is now monitoring how a weeks-long strike by more than 33,000 factory workers and a production crisis at U.S. planemaker Boeing would affect deliveries of the carrier's remaining 12 737 MAX aircraft, chief financial officer John Di Bert told analysts. Some deliveries are expected in 2025.
The airline also announced the repurchase of up to 35.78 million shares, its first buyback authorization since the COVID-19 pandemic. The repurchase aims to address the dilution that occurred due to its financing needs during the pandemic.
"The demand environment remains favourable. We have adjusted our full-year guidance and underlying assumptions to account for the evolution of the fuel price environment and for certain contract-related adjustments," CEO Michael Rousseau said.
The carrier now expects its 2024 adjusted earnings before interest, taxes, depreciation and amortization of about $3.5 billion (US$2.51 billion), compared with its previous forecast of $3.1 billion to $3.4 billion.
Air Canada posted an adjusted profit of $2.57 per share in the third quarter, compared with analysts' average estimate of $1.58, according to data compiled by LSEG.
It reported a quarterly operating revenue of $6.12 billion in the three months ended Sept. 30, down 3.8 per cent over the year earlier, but beat analysts' expectations of $6.06 billion.
The company lowered its expectation for average price of jet fuel to $1 per litre for 2024, from the previous estimate of $1.03.
(Reporting by Shivansh Tiwary in Bengaluru and Allison Lampert in Montreal; Editing by Shilpi Majumdar and Marguerita Choy)
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A Montreal-area woman accused of throwing boiling water on a 10-year-old boy and causing serious injuries has been granted bail.
Russia's top diplomat on Friday hosted his North Korean counterpart for talks amid reports that Pyongyang has sent thousands of troops to Russia to support its military in the war in Ukraine.
The death toll from Israeli strikes in the central Gaza Strip rose to 25, including five children, as more bodies have been recovered, while three people were killed in an early morning airstrike near the Lebanese capital, officials said Friday.
A New Zealand judge is to decide whether the owners of an island volcano suffered a miscarriage of justice when their company was convicted of failing to keep visitors safe following an eruption that killed 22 tourists and local guides in 2019.
North Korea boasted Friday that the new intercontinental ballistic missile it just test-launched is 'the world's strongest,' a claim seen as pure propaganda after experts assessed it as being too big to be useful in a war situation.
More than 400 alleged victims have so far contacted the legal team working on a case against the late Egyptian billionaire Mohamed Al Fayed, who has been accused of sexual abuse and rape, lawyer Dean Armstrong said on Thursday.
Crews searched for bodies in stranded cars and sodden buildings Thursday as residents salvaged what they could from their ruined homes following monstrous flash floods in Spain that claimed at least 158 lives, with 155 deaths confirmed in the eastern Valencia region alone.
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A million Canadians have received care under the federal dental-care plan six months after the program began, Health Minister Mark Holland said Thursday.
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