- Air Canada ACDVF reported second-quarter operating revenue growth of 59% year-over-year to C$837 million.
- Loss per share reduced to C$(3.31) compared to C$(6.44) in 2Q20.
- Operating loss was C$(1.13) billion, versus a C$(1.56) billion loss in 2Q20.
- Adjusted EBITDA loss narrowed to C$(656) million from C$(832) million loss a year ago.
- The company’s net cash burn was C$745 million or about C$8 million on average per day, better than management’s projections of C$13 milllion-C$15 million per day, reflecting increased bookings and continuing cost controls.
- Revenue passenger miles increased 115.4% Y/Y, Available seat miles +78.4% Y/Y, and Passenger load factor improved 730 bps to 42.2%.
- Adjusted CASM was 41.5c, compared to 76.9c a year ago.
- The company’s net cash flows used in operating activities was C$1.38 billion, deteriorated by C$126 million from 2Q20.
- At the end of the quarter, Air Canada had unrestricted liquidity of C$9.8 billion.
- Outlook: Air Canada expects Q3 ASM capacity to increase by 85% Y/Y and decrease about 65% compared to 2019.
- It projects a Q3 net cash burn of C$280 million - C$460 million (or C$3 million - C$5 million per day, on average).
- Price action: ACDVF shares are trading higher by 0.25% at $20.03 on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.