April 18, 2024

Air Canada Releases Fourth Quarter and 2022 Financial Results

Record Q4 passenger revenue of $4.062 billion, double that of Q4 2021 and about 2% higher than Q4 2019

“Our results are attributable to the deep resilience we have built into our company for long-term stability. In the fourth quarter we had positive cash flow from operations of $647 million and positive free cash flow of $320 million We have exercised diligent cost control Our adjusted EBITDA of $389 million was $367 million better than a year ago For the full year, we posted adjusted EBITDA of $1,457 million and a margin of Adjusted EBITDA of 8.8%, meeting our forecasts for the full year 2022. We ended the year with total liquidity of more than 9.8 billion dollars,” added Rousseau.

Revenue was approximately two percent higher than in the fourth quarter of 2019. Premium cabin revenue was approximately 13% higher, supported in part by Aeroplan. Active loyalty program membership is at an all-time high and continues to grow, with Air Canada Cargo revenue up 55% compared to the same quarter before the pandemic. Similarly, Air Canada Vacations ground package revenue contributed to other revenue growth of $62 million, or 23% higher than in the fourth quarter of 2019.

Quarterly ticket sales were 102% higher than in the fourth quarter of 2019, with a lower level of capacity, and expect a strong demand environment in 2023, “In anticipation, we are building our global network, continuing the renewal of our narrow-body fleet and investing in technology and customer service. More than 36 million people chose to fly with Air Canada last year. We thank you for your loyalty. We intend to do much more to provide them with a high level of customer service and continued value from our airline in 2023 and beyond,” he concluded.

Source : Air Canada

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