Air Canada CEO confident for 2024 after Q1 results
Air Canada has posted its first quarter results for 2024, signalling strong performance with operating revenues of $5.2 billion in the quarter, up $339 million from last year.
Adjusted EBITDA grew by $42 million year over year to $453 million.
“I thank our employees for their hard work taking care of our 11 million customers and transporting them safely throughout the quarter. I also commend them for improving our operations, notably a 13 percentage-point increase in system-wide, on-time arrivals, preparing us for an anticipated busy summer period,” said Michael Rousseau, president and CEO of Air Canada.
According to Rousseau, the airline generated more than $1 billion of free cash flow, “mainly resulting from cash generated from operating activities. For the full year 2024, we remain certain of our ability to generate significant free cash flow. Our strong balance sheet will serve as the foundation on which we will grow our airline through investments in our world-class global network and the deployment of capital allocation strategies that will create sustainable, long-term value, for all of Air Canada and its shareholders.”
Fleet update
Air Canada is in the process of arranging lease agreements for some additional Boeing 737 MAX 8 aircraft. These would be scheduled for delivery in 2024 and enter service in 2025, upon completion of reconfiguration.
