Air Canada reports its financial results for the second quarter of 2023.
Operating revenues of 5.427 billion Canadian dollars, reflecting an increase of 36 percent compared to the corresponding quarter last year. Operating profit was 802 million with an adjusted operating profit of 14.8%, compared to an operating loss of $253 million in the corresponding quarter last year
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.220 billion with an adjusted EBITDA margin of 22.5%. That’s a $1 billion improvement over last year’s second quarter.
Total liquidity from operating income of $1.490 billion and free cash flow of $965 million. Leverage ratio of 1.7 as of June 30, 2023, down from previous leverage ratio of 3.2 on March 31, 2023
Air Canada President and CEO, Michael Russo, says: “Air Canada’s second quarter results were impacted by strong demand and indicate the effectiveness of our strategic plan. As a result of the dedicated work of our teams, our extensive flight network as well as our leading brand and the product we offer, we reached an operating profit of $802 million, which is an improvement of one billion dollars compared to last year with adjusted EBITDA reaching $1.2 billion with an adjusted EBITDA margin of 22.5% . I thank all the company’s employees for their continued dedication to serving our customers, including in cooperation with our partners. We safely flew 11 million passengers on our international flight network this quarter, a 23% increase compared to the same period last year.”
