Air Canada (TSE:AC) shares cruised as much as 8.4% higher on Monday after reporting record-breaking, forecast-beating third quarter earnings.
The Montreal-based airline earned $768mln or $2.74 per diluted share during the period ended Sept. 30, up from $437mln or $1.48 per diluted share a year ago, despite feeling competitive pressure on flights this summer to Europe.
On an adjusted basis the airline had $821mln in profits, or $2.93 per share, compared with $734mln, or $2.50, a year ago.
The airline had $4.45bn in quarterly revenue, compared with $4.02bn during the same period last year.
Air Canada was expected to earn $2.55 per diluted share in earnings on $4.29bn of revenues, according to analysts polled by Thomson Reuters.
Alongside its earnings, Air Canada came out fighting on heightened competition. The flag carrier said it is not afraid of competition from new Canadian low-cost airlines, but is opposed to Ottawa’s decision to fast-track new foreign ownership rules for two potential rivals.
Air Canada shares were last seen up 6.4% at C$12.70.
Story by ProactiveInvestors