Air Canada is lowering its 2024 forecast as it faces tough competition in international markets and its planes are not as full as it had expected in the second half of the year.
The airline said it now expects adjusted earnings before interest, taxes, depreciation and amortization for the year to be between $3.1 billion and $3.4 billion, down from its previous forecast of $3.7 billion to $4.2 billion.
The new outlook comes as the company released preliminary second-quarter results ahead of its next earnings release date on August 7.
Air Canada said it expects operating revenues of about $5.5 billion for its second quarter, up from $5.4 billion in the same quarter last year.
The carrier also expects operating income of $466 million, down from $802 million in the second quarter of 2023.
Air Canada says it is managing its finances effectively through productivity, cost reduction and other cost discipline initiatives.
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