Air Canada struggles to achieve altitude as fuel costs rise — via financialpost Transportation News Airlines
The net loss per share was $2.72, narrower than a year earlier, but still wider than many Wall Street analysts were expecting. Stephen Trent of Citigroup Global Markets described the results as “mixed,” telling his clients in a note that while Air Canada appears to be taking “helpful actions” to boost revenue, its process “seems slower” than many of its American rivals.
Air Canada shares dropped about four per cent, and were trading around $23.25 at around 11 a.m. Toronto time. As travel restrictions ease, the company is bouncing back from the blow it suffered from the pandemic, but it’s a far cry from 2019, when the company reported net income of $1.7 billion. Like most airlines, Air Canada has been operating at a loss since early 2020, running a deficit of $3.8 billion that year, and a shortfall of $3 billion in 2021.Article content
Lucie Guillemette, executive vice president and chief commercial officer, said she did not expect things to bounce back to pre-pandemic levels just yet. “To reach 2019 levels this summer would not be achievable,” she said on a call with analysts after the company released its latest quarterly results on April 26. The airline plans to operate at 20 per cent below capacity this summer.
Air Canada has experienced a spate of bad press in recent months. Last November, CEO Michael Rousseauwhen he made a 26-minute speech in English to the Montreal Chamber of Commerce with just 20 seconds of French. He later told reporters that he hadn’t felt the need to learn the language in his 14 years in Montreal, sparking backlash. Rousseau
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