Air Canada Q2 cargo revenue up marginally on higher volume
For the first six months, cargo revenue declined 4% to C$445 million, driven by lower yields in the Atlantic market.
Air Canada reported a marginal increase (one percent) in cargo revenue of C$230 million for the second quarter of 2024 compared to C$227 in the same period last year.
"The increase was primarily due to higher volume of chargeable kilos of cargo in passenger aircraft in most markets and higher freighter revenues in the Americas. The increase was partially offset by lower yield per kilo in most markets and by lower freighter operations in the Atlantic market year over year," says an official release.
For the first six months, cargo revenue declined four percent to C$445 million, driven by lower yields in the Atlantic market. "This was partially offset by higher revenues in the Pacific — aligned with the year-over-year capacity increase in that region."
Total operating revenue was up two percent at C$5.5 billion in Q22024 and up four percent at C$10.3 billion in the first half of 2024.
Net income dropped 51 percent to C$410 million in the second quarter and was down 61 percent at C$329 in the first half of 2024.
“Air Canada reported second quarter operating revenues of more than $5.5 billion and adjusted EBITDA of $914 million," says Michael Rousseau, President and Chief Executive Officer, Air Canada. "We saw healthy demand with load factors remaining above historical averages. We remained sharply focused on our customers and operations throughout the quarter and experienced a 10-percentage point year-over-year improvement in our on-time performance, even with the increased flying."
In the first quarter of 2024, Air Canada adjusted its freighter capacity plans to align with market conditions and removed the addition of two Boeing 767 freighters from its 2024-2025 fleet plan.
Air Canada had six Boeing 767 dedicated freighter aircraft in service at the end of June 30, 2024 - same as at the end of June 30, 2023.
