The carrier Air Canada reports financial results that it itself describes as excellent for the fourth and final quarter of 2023 and for the entire fiscal year.
During the most recent three-month period, the Montreal-based carrier achieved net income of $184 million, compared to $168 million reported for the corresponding period of 2022. Earnings per diluted share remained unchanged, at $0.41.
As for the adjusted net loss of $217 million reported in the fourth quarter of 2022, it was reduced to $44 million in the corresponding quarter of 2023.
In the fourth quarter of 2023, operating revenues jumped 11% year-over-year to $5.175 billion, while operating expenses increased 8% to $5.096 billion, mainly due to higher costs. in virtually all positions, reflecting the increase in traffic and capacity over 12 months, including increases in salaries and social charges.
For the entire 2023 fiscal year, Air Canada achieved a net profit of $2.276 billion while a year earlier, the carrier posted a net loss of $1.7 billion. On a diluted share basis, a loss per share of $4.75 in 2022 gave way to adjusted earnings of $5.96.
Adjusted net income for 2023 was $1.713 billion. In 2022, there was an adjusted net loss of $988 million.
Air Canada President and CEO Michael Rousseau adds that for the entire 2023 fiscal year, the company recorded record operating revenues of $21.8 billion, up 32% year-on-year. compared to those of 2022. He reports that demand for air transport has remained strong.