Air Canada recorded positive operating income for the third quarter of 2022, their first “in the black” operating income statement since the start of the pandemic, and officials say the company is on a “robust foundation.”
Canada’s largest airline released its third quarter statement today, with a good deal of positive numbers.
“We generated $644 million in operating income with a strong operating margin of 12.1%,” said Michael Rousseau, President and Chief Executive Officer of Air Canada. “This was the first quarter since the pandemic began in which we delivered positive operating income.
“In addition, we achieved significant improvements in other metrics from a year ago. Operating revenues more than doubled to $5.3 billion, on a capacity growth of 130%.”
Still, the company reported a net loss of $508 million for the quarter, an improvement from the $640 million loss in the third quarter of last year.
Rousseau said Air Canada is encouraged by continuing strong demand, now further stimulated by the easing of COVID-related restrictions.
Advance ticket sales in the quarter were at 95% of third quarter 2019 levels.
“Thanks to the hard work and commitment of our employees, after a difficult June and July, we saw significant operational improvement throughout August and September, with the operation today now on par with pre pandemic levels,” Rousseau said. “Still, we know many customers experienced disruptions travelling this summer, and we sincerely regret any inconveniences that have occurred. We would like to thank our customers for their understanding and loyalty and assure them that the lessons of this operationally challenging period are now being applied to build greater resiliency going forward, and to elevate the customer experience overall.
“Air Canada marked its 85th anniversary this quarter. We stand on a robust foundation and, with our most recent financial results, investments and strategic plan, are confident we have a bright future in connecting Canada and the world.”
