Air Canada is gaining momentum in the second quarter of 2023, reporting net income of $838 million, an improvement of $1.2 billion compared to the loss for the same period in 2022.
This translates to earnings per diluted share of $2.34 for the fiscal year ended June 30th. For comparison, the company reported a loss per diluted share of $1.60 in the second quarter of last year.
Operating income also increased 36% compared to the same period in 2022, topping just over $5.4 billion.
“Air Canada’s second quarter results demonstrate the effectiveness of our plan, driven by strong demand,” said Michael Rousseau, President and Chief Executive Officer of Air Canada.
The airline is said to have brought more than 11 million customers on board its fleet, up 23% compared to the second quarter of 2022.
“Even with more people trained than last summer and improved tools, our operations in June and July did not live up to expectations,” admitted Mr. Rousseau.
“We are stepping up our efforts to protect the customer experience from disruptions, regardless of the cause,” he added, as Air Canada flights have been experiencing multiple delays in recent weeks.