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- Air Canada ACDVF reported second-quarter operating revenue growth of 59% year-over-year to C$837 million.
- Loss per share reduced to C$(3.31) compared to C$(6.44) in 2Q20.
- Operating loss was C$(1.13) billion, versus a C$(1.56) billion loss in 2Q20.
- Adjusted EBITDA loss narrowed to C$(656) million from C$(832) million loss a year ago.
- The company’s net cash burn was C$745 million or about C$8 million on average per day, better than management’s projections of C$13 milllion-C$15 million per day, reflecting increased bookings and continuing cost controls.
- Revenue passenger miles increased 115.4% Y/Y, Available seat miles +78.4% Y/Y, and Passenger load factor improved 730 bps to 42.2%.
- Adjusted CASM was 41.5c, compared to 76.9c a year ago.
- The company’s net cash flows used in operating activities was C$1.38 billion, deteriorated by C$126 million from 2Q20.
- At the end of the quarter, Air Canada had unrestricted liquidity of C$9.8 billion.
- Outlook: Air Canada expects Q3 ASM capacity to increase by 85% Y/Y and decrease about 65% compared to 2019.
- It projects a Q3 net cash burn of C$280 million - C$460 million (or C$3 million - C$5 million per day, on average).
- Price action: ACDVF shares are trading higher by 0.25% at $20.03 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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