Air Canada Q3 cargo revenue down 24%

Air Canada reported a 24% decline in cargo revenue at C$215 million for Q32023 compared to C$281 million in Q32022, primarily on lower yields in all markets resulting from continued softness in demand for air cargo services.

For the first nine months of 2023, cargo revenue was down 30% at C$680 million due to continued softness in volume and yield in all markets and to the return of temporarily converted passenger aircraft to passenger operations. Increased freighter operations to Central and South America and to Europe partially offset the year-over-year decline.

For the first nine months, operating revenue was up 40% at C$16.6 billion, and adjusted net income came in at C$1.7 billion as against a loss of $771 million during the same period last year.

Our focus on growing our international network, building scale at our hubs and leveraging our solid partnerships is delivering strong results. Our operating income reached $1.4 billion, more than double from a year ago, and adjusted EBITDA grew by $773 million to $1.83 billion, representing an adjusted EBITDA margin of nearly 29%: Michael Rousseau, Air Canada

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